Kore Potash meets with PowerChina representatives to discuss important contracts

(Alliance News) – Kore Potash PLC said Monday it still expects to complete the engineering, procurement and construction contract in the second quarter of this year.

In an operational review, the London-based owner of the Kola and DX potash projects in the Republic of Congo said it would meet with “senior officials” of PowerChina International Group Ltd in Beijing early next month, marking a major step forward in the completion of the agreement. engineering, purchasing and construction process.

Kore Potash also said it has begun more detailed negotiations with PowerChina on the EPC proposal and draft EPC contract, with the aim of signing the full EPC documentation in the second quarter of 2024.

In early February, PowerChina submitted the draft EPC contract for its Kola project.

This contract is important because the top consortium said the financing proposal for the full cost of Kola’s construction will be provided to the company within six weeks after the documentation is completed. The consortium is an investment group representing investors and engineering companies and plans to provide royalties and debt financing for Kola.

The optimization study, which was completed in June 2022, showed that the investment costs of the Kola project amounted to US$1.83 billion.

On Monday, Kore said it raised $530,000 through convertible loan notes in March and is looking to raise another $150,000, subject to shareholder approval at a general meeting to be held on May 13.

As of March 31, Kore had $1.4 million in cash.

By Artwell Dlamini, Alliance News journalist

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