Kore nears finalisation of EPC contract, financing proposal for Kola project

18th January 2024

By: Marleny Arnoldi

Deputy Editor Online


Font size: - +

Aim- and JSE-listed Kore Potash has advised that the consortium it is in talks with to provide financing for the Kola project, in Congo-Brazzaville, will soon provide a financing proposal, while an engineering, procurement and construction (EPC) contract also nears finalisation.

The company aims to complete the financing of the $1.8-billion Kola project and move to start construction as soon as possible. 

The Kola project is a sylvinite deposit under development in the Sintoukola basin in Congo-Brazzaville.

PowerChina International Group is in the process of reviewing Kore’s EPC proposal, which it announced in December following the work of five technical groups that undertook additional design and engineering works.

The EPC proposal and contract offer are on track to be delivered to the company by the end of January, while the signing of the contract is expected before the end of February.

Kore signed a memorandum of understanding with the Summit Consortium in April 2021 for a financial proposal for the construction cost of Kola.

Kore maintains that the consortium members can provide the required financing for Kola’s construction and that pursuing this financing opportunity remains the best path forward for the company’s shareholders.

Meanwhile, Kore in December raised $2.5-million through the issue of 542-million ordinary shares to certain eligible existing shareholders at a price of 0.38p apiece.

In the three months ended December 31, Kore spent $1.6-million on exploration, the majority of which related to a Kola optimisation study and the balance for a definitive feasibility study on the Dougou Extension (DX) potash project, in Congo-Brazzaville.

The company continues to explore the strategic options available for the DX project, including to sell it.

Kore ended the quarter with $1.6-million in cash.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...


Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (24/05/2024)
24th May 2024 By: Martin Creamer
Magazine round up | 24 May 2024
Magazine round up | 24 May 2024
24th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:1.923 17.544s - 89pq - 2rq
1: United States
Subscribe Now
2: United States