Business
Review of Operations for Q1 2019
Review of Operations for Q1 2019.
About this update from Kore Potash Plc
[{"type":"text","content":"\n \nRNS Number : 3234X Kore Potash PLC 29 April 2019 \n\n29 April 2019\n \nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\n \nReview of Operations for the Quarter Ended 31 March 2019\n \nKore Potash, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project (\"Kola\" or the \"Project\"), located within the Republic of Congo (\"RoC\"), provides the following quarterly update, for the period to 31 March 2019 (the \"Quarter\").\n \nHighlights\n \n· The Company completed its review of the Kola Definitive Feasibility Study (\"DFS\") and released a summary of results to Shareholders on 29 January 2019.\n· The Company received an Engineering, Procurement and Construction (\"EPC\") proposal for its Kola Project from the French Consortium (\"FC\") of Engineering Companies on 23 March 2019. \n· A Scoping Study for a low capital cost, high cash margin potash project at Dougou Extension (\"DX\") was completed and indicates that following a 2-year construction period DX can produce 400 ktpa MoP for 17 years at an operating cost of US$ 83/t FOB.\n· The Regulator reviewing the amended Kola environmental and social impact assessment (the \"ESIA\") requested the submission be reformatted into separate volumes. The re-submission is planned to occur during Quarter 2 of 2019.\n· At the end of the Quarter the Company held USD 4.0 million cash at bank.\n \nOperational activities\n \nThe Kola Potash Project\n \n· The Company completed its review of the Kola DFS and released a summary of results to Shareholders on 29 January 2019.\n· As part of the DFS, Ore Reserves were estimated for the Kola sylvinite Deposit. The combined total Ore Reserves are 152 Mt of sylvinite grading 32.5% KCl (Table 1.), hosted within 3 layers ('seams'). Details of the Ore Reserve estimate are provided in the market announcement dated 29 January 2019.\n· The Company received the EPC proposal from the FC on 23 March 2019 and the Company immediately commenced discussions with the FC towards formation of an EPC contract. \n· The Company commenced disc...