African Potash to acquire stake in Congo exploration project
JOHANNESBURG (miningweekly.com) – Aim-listed investment company African Potash, re-entered an agreement to acquire an indirect 70% interest in La Societe des Potasses et des Mines (SPM), which holds the exploration rights for potash salts over the Lake Dinga project in the Republic of Congo.
The investment company would acquire Patagonia Capital, which held the 70% stake in SPM, for $15-million, to be satisfied by the issue and allotment of up to $12-million of African Potash shares and the cash payment of $3-million.
The Lake Dinga project is surrounded by numerous potash development projects including the Sintoukola potash project, owned by Elemental Minerals and the Mengo potash project, owned by Evergreen Resources.
It is also located less than 60 km from the Port of Pointe-Noire.
The acquisition was subject to shareholder approval and would be voted on during a general meeting on February 21.
“The board is confident that the Lake Dinga project is a highly attractive investment opportunity with considerable upside potential. Subject to shareholder approval, I look forward to identifying the resource potential of this exciting asset through a defined exploration programme.
“The outlook for commercial potash exploration remains highly positive, with the growing population and the growing affluence in developing countries leading to ever-increasing demand for agricultural produce.
“With potash being a key constituent in fertiliser, the pressing need to develop quality potash assets is expected to continue for many years to come, creating a significant opportunity for an investment company such as African Potash to identify and develop projects, and in so doing delivering significant shareholder value,” chairperson and CEO Edward Marlow said in a statement.
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