London-listed Kore Potash says work on an optimisation study and financing arrangements for the Kola project, in Congo-Brazzaville, is progressing on schedule.
The optimisation study remains on track for completion in the first quarter of next year, with an interim report on the study due within a few weeks.
Kore is in the process of discussing engineering, procurement and construction (EPC) contract terms with the Summit Consortium. Kore and the consortium in April signed a memorandum of understanding with regard to financing.
An EPC proposal will be delivered during the second quarter of next year.
The company also advises that it is progressing debt and royalty financing arrangements, as well as product offtake agreements – Kore aims to have all of its production bought by one offtake partner.
Meanwhile, Kore has started developing an updated geological model for the DX potash project, also in Congo-Brazzaville, which should be completed before the end of the year.