Business
FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2020
FINANCIAL REPORT FOR YEAR ENDED 31 DECEMBER 2020.
About this update from Kore Potash Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0335U\n Kore Potash PLC\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n \n \n \n Kore Potash Plc\n \n \n (\"Kore Potash\" or the \"Company\")\n \n \n \n \n \n AUDITED FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020\n \n \n \n \n \n The Board of \n Kore Potash plc \n the potash development company with 97%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located within the Republic of Congo (\"RoC\"), \n is pleased to\n announce the publication\n of \n the annual financial report of the Company\n for the year ended 31 December 20\n 20 (\"FY 20\")\n .\n \n \n \n \n \n The full financial report is available online at the Company's website (\n \n \n www.korepotash.com\n \n \n ). The Company also advises that an ASX Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and its current Corporate Governance Statement have been released today and will shortly be available on the Company's website.\n \n \n \n \n \n \n Summary of \n \n \n key developments\n \n \n \n \n \n \n · \n The Company completed a Pre-Feasibility Study (PFS) on the 400 ktpa Dougou Extension (DX) Sylvinite solution mining project and released a summary of results on 13 May 2020. On 9 November 2020, the Company further updated the DX PFS production target. This included the reporting of:\n \n \n o \n Maiden Probable Sylvinite Ore Reserves 17.7 Mt at a grade of 41.7% KCl.\n \n \n o \n A revised Sylvinite Mineral Resource of 145 Mt at a grade of 39.7% KCl.\n \n \n o \n Attractive life-of-mine cost of sales, free on board (FOB) of approximately USD 86.61/t MoP\n \n \n o \n Mine life of approximately 30 years based on a production of 400 kt/year.\n \n \n o \n Estimated base case initial capital cost of approximately USD 286 million (real 2020) \n \n \n o \n Estimated 21-month construction period which provides the Company with near term production options \n \n \n o \n Base case real ungeared IRR of approximately 23.4% and base case post-tax ungeared NPV10 (real) of approximately USD 421 million on an attributable basis at life-of-mine average Muriate of Potash (\"MoP\") price for granular product of USD 422/t \n \n \n o \n Average base case annual post construction, post-tax, fre...