Kore raises A$7m for DFS
PERTH (miningweekly.com) – ASX-, Aim- and JSE-listed Kore Potash on Wednesday announced a $7-million capital raise to fund the first phase of a definitive feasibility study (DFS) for its Dougou extension sylvenite project, in the Republic of Congo.
The placement is being conducted via an accelerated bookbuild, with the shares priced at 0.65p a share.
Kore told shareholders that the company had received indications from a number of its largest existing shareholders and its chairperson David Hathorn, that they would participate in the proposed fundraise.
The funds raised will go towards the first phase of DFS, which will include resource and reserve drilling, and restarting the production target and economic modeling to incorporate the updated mineral resource and ore reserves.
A previously completed prefeasibility study into the Dougou extension project estimated a nameplate production target of 400 000 t/y of muriate of potash over an initial mine life of 18 years, with the project projected to require a capital investment of $286-million.
Meanwhile, Kore is also proposing to enter into a conditional technical services agreement with shareholder Sociedad Quimica y Minera de Chile, or SQM, to provide certain services in connection to the first phase of the DFS for a total value of $540 000, which will be satisfied by the issue of Kore shares.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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
PLUS
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation