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UK-based mineral exploration and development company, Kore Potash, has announced that it expects to receive a finalized Optimization Study Report as well as Engineering, Procurement and Construction (EPC) contract for the construction of its flagship Kola Potash project in the Republic of Congo by the end of Quarter 1 (Q1), 2022.
The move comes as the project advances, and is line with the Memorandum of Understanding signed with Summit Consortium in April 2021. A financing proposal from Summit Consortium is also on the cards, expected 60 days after the finalization of the key optimization study. The financing proposal will detail costs associated with the full and final construction of Kola Potash.
Kore Potash CEO, Brad Sampson, elaborated that, “The first half of 2022 is set to be a very busy period for Kore, particularly with the imminent completion of the Optimization Study and receipt of the EPC proposal for our flagship Kola Potash project. The delivery of the financing proposal for the full financing of the construction of Kola is a key milestone for (the) company” adding that, “We are looking forward to the completion of the financing phase and being able to move rapidly into the construction of Kola.”
Kola Potash represents the company’s largest project, responsible for approximately 508 million tons of mineral resources. Once completed, the project is expected to be one of the lowest-cost muriate (or chloride) of potash (MOP) producers worldwide.