Business
Kola capex optimisation update
Kola capex optimisation update.
About this update from Kore Potash Plc
[{"type":"text","content":"\n \nRNS Number : 9460G Kore Potash PLC 29 July 2019 \n\n29 July 2019\nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\nKola capex optimisation update\nKore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project (\"Kola\" or the \"Project\"), is pleased to provide an update on both the Kola sylvinite Deposit (\"Kola\") and the Dougou Extension (\"DX\") sylvinite Deposit.\n \nKola Project\n· Kore has received a new proposal from the French consortium of engineering companies (\"FC\") that identifies opportunities to reduce the capital cost of the Kola Project by US$415 million.\n· The Company expects to continue discussions with the FC to fully understand their proposal for capital savings and to further explore additional options to reduce the capital cost and to shorten the construction schedule for Kola ahead of commencing the financing phase.\n· In addition to the ongoing discussions with the FC, seven international engineering and construction groups have accepted invitations to provide comparative pricing against the Kola bill of quantities. The Company expects to receive this new pricing information in Q4 2019 and to incorporate this information into the Kola optimisation programme.\n \nDX Project\n· Innovare Technologies Ltd (\"Innovare\"), an internationally recognised specialist solution mining consulting firm, who worked with the Company on the DX scoping study has been appointed as part of Kore's owner's team for the DX Project Pre-feasibility study (\"PFS\").\n· Agapito Associates, Inc (\"Agapito\") has been appointed the JORC Competent Persons for the Mineral Resources and Ore Reserves for the DX Project and as general technical support consultants. The Company believes that Agapitos's international reputation as a leader in potash and solution mining projects will add value to the DX Project.\n· The Company is currently reviewing proposals from a number of international consulting companies to select the engineering partner for the PFS.\n· In line with the planned work programme the Company is currently mobilising drill rigs to DX to prepare for the planned drilling programme and to be ready to start drilling once the in...