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Danakali, AFC extend funding deadline

1st June 2020

By: Marleny Arnoldi

Deputy Editor Online

     

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ASX- and LSE-listed Danakali and Africa Finance Corporation have agreed on an extended deadline for Tranche 2 of AFC’s equity funding to Danakali, as a result of market and global conditions, amid Covid-19, which has impacted on the satisfaction of remaining conditions to the funding.

Tranche 2 is now expected to be concluded by November 21.

AFC invested $21.5-million in Danakali in December 2019 as part of the Tranche 1 funding.

Tranche 2 is valued at $28.5-million.

Danakali has used the funding for the development and construction of the Colluli sulphate of potash project, in Eritrea.

The project remains on track for production to start during 2022.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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