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Danakali receives last Colluli payment

29th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Danakali has received the final $16-million second tranche payment from the sale of its interest in the Colluli potash project, in Eritrea.

Danakali in March wrapped the sale of its 50% shareholding in the Colluli sulphate of potash project to Sichuan Road and Bridge Group, after striking a $166-million deal in January.

The company said on Friday that the second tranche payment brought the total proceeds from the Colluli sale to $121-million, with net proceeds from the transaction amounting to A$173-million before any foreign exchange adjustments.

Danakali has completed the handover of the Colluli project under a short-term consultancy agreement.

The company on Friday also said that a meeting of shareholders would be called shortly to approve the distribution of returns to shareholders of around 90% of the net returns from the Colluli sale.

Edited by Creamer Media Reporter

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