JOHANNESBURG (miningweekly.com) – Potash exploration and development company Kore Potash on Thursday listed on the LSE’s Aim, as well as on the JSE, through a concurrent secondary listing of its ordinary shares.
These listings are in addition to the company’s primary listing on the ASX and follows Kore’s redomicile to the UK in 2017.
Chairperson David Hathorn told Mining Weekly Online that the secondary listings will increase the company’s international profile and the market’s general awareness of Kore.
“South Africa and London are markets that have the financial depth and knowledge of African mining to support the type of fundraising that will see us through raising money to build the Kola project,” he pointed out.
The Kola project, located within Kore’s 97%-owned Sintoukola potash project, in the Republic of Congo (Congo Brazzaville).
Kore has a gross Joint Ore Reserves Committee-compliant combined, measured, indicated and inferred potash mineral resource of 5.95-million tonnes at an average grade of 22% potassium chloride, hosted in two deposits – Kola and Dougou.
The Kola project hosts a large tonnage, high-grade and shallow deposit with a measured and indicated sylvinite resource of 508-million tonnes, at an average grade of 35.4% potassium chloride.
A definitive feasibility study (DFS) for the project is at an advanced stage and is scheduled for completion in the second quarter of this year.
The DFS is considering the development of a mine with the capacity to produce two-million tonnes a year of saleable potassium chloride.
Kore also discovered further high-grade sylvinite at the nearby Dougo extension prospect, including two drill holes intersecting 57% and 60% potassium chloride over a thickness of 4.5 m and 4.2 m, respectively.
“This highlights the longer-term opportunity for all stakeholders – being among the highest grading potash seams globally,” said Kore CEO Sean Bennett.
Moreover, he noted that there is a strong South African link to this project in terms of procurement. Kore will look to procure certain mining equipment, such as conveyor belts and processing equipment, from South Africa in due course.
“If we procure from South Africa, then we may be able to get equitable credit agencies on board, including the Export Credit Insurance Corporation of South Africa,” he explained, adding that Kore is also looking to attract funds from development finance institutions in South Africa.