Dual-listed Danakali has appointed Africa Finance Corporation (AFC) president and CEO Samaila Zubairu and Taiwo Adeniji AFC senior director for investment operations and execution as nonexecutive directors of its board.
Danakali says they will bring significant experience to the board and support to the Colluli sulphate of potash project in Eritrea as it moves closer to construction and production, which is expected to be in 2022.
As part of its $50-million strategic equity investment in Danakali and an overall funding package for the development and construction of Colluli, AFC was granted the right to nominate up to two directors to Danakali's board.
With the receipt of Tranche 1 of AFC's investment of $21.5-million in 2019, Danakali is well funded to complete the current activities and continues its progress according to the engineering, procurement and construction plan.
"We are pleased to welcome Samaila and Taiwo, whose diverse background and developmental focus will add further value to the board. AFC has been a great supporter of our project, and we look forward to working with them as we progress the development of Colluli and our overall funding strategy,” says Danakali CEO Niels Wage.