Business
Financial Results for Half Year Ended 30 June 2023
Financial Results for Half Year Ended 30 June 2023.
About this update from Kore Potash Plc
[{"type":"text","content":"\n\n12 September 2023\nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\n(The \"Group\" refers to Kore Potash Plc and its subsidiaries)\n \nFinancial Results for Half Year Ended 30 June 2023\n \nKore Potash, 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\"), today reports its unaudited financial results and operational highlights for the half year ended 30 June 2023 (\"the Period\").\n \nThe full financial report is available online at the Company's website at https://korepotash.com/wp-content/uploads/2023/09/20230911-Half-Year-Interim-Report-2023.pdf The financial statements contained within this announcement should be read in conjunction with the notes contained within the full financial report.\n \nHighlights\n· Discussions continue towards finalising terms for the Engineering, Procurement and Construction (\"EPC\") contract at the Kola Project.\n· PowerChina International Group Limited (\"PowerChina\") and SEPCO Electric Power Construction Corporation (\"SEPCO\") have commenced work to support the provision of guarantees regarding an EPC contract for Kola.\n· Summit Consortium has confirmed that the financing proposal for the full capital cost of Kola will be provided within six weeks of finalisation of EPC contract terms.\n· On 24 January 2023, the Company announced an update of the JORC (2012) compliant Mineral Resource, Ore Reserve, Pre Feasibility Study (\"PFS\") information and Production Target at the DX Project. The updated Mineral Resource incorporates the most recent drilling results and interpretation of the geophysical data.\n· Cash and cash equivalents, at 30 June 2023 was USD 2,555,254.\n· The exploration and evaluation assets at 30 June 2023 was USD 167,201,357, an increase of USD 4,472,163 from USD 162,729,194 at 31 December 2022. During the Period the Company capitalised USD 1,882,884 in exploration and evaluation expenditure and the expenditure increased by USD 2,589,279 as a result of the weakening of the USD against the currency of the RoC.\n· Despite the on-going Russian/Ukraine conflict and increasing fuel prices, the Group's operations hav...