Business
Review of Operations for Q2 2019
Review of Operations for Q2 2019.
About this update from Kore Potash Plc
[{"type":"text","content":"\n \nRNS Number : 2094H Kore Potash PLC 31 July 2019 \n\n31 July 2019\n \nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\n \nReview of Operations for the Quarter Ended 30 June 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 30 June 2019 (the \"Quarter\").\n \nCorporate Activities\n \n· At 30 June 2019, the Company held USD 1.7 million cash at bank.\n· On 19 July 2019, an additional USD 13.1 million was raised through the placing and direct subscription of new ordinary shares in the Company.\n \nOperational activities\n \nDougou Extension Sylvinite Scoping Study\n· During the quarter, the Company finalised planning for a Pre-feasibility Study (PFS) on the DX project. The PFS work programme includes a 2D seismic survey, a 4-hole, diamond drill programme and a series of technical studies that collectively should satisfy the requirements for a pre-feasibility study. The prefeasibility study is scheduled for completion in Q1 2020.\n \nThe Kola Potash Project\n \n· The Company continued discussions with the French consortium of engineering companies (\"FC\") to explore options to reduce the capital cost and shorten the construction schedule for Kola.\n· In July 2019, the Company received a proposal from the FC that identifies opportunity to reduce the capital cost of the Kola project by $415M below that indicated in the Kola Definitive Feasibility Study.\n· Kola project optimisation discussions are planned to continue with the FC through the next quarter.\n· The Company invited a number of international engineering and construction companies to provide pricing against the bills of quantities for the Kola project. It is anticipated that this pricing information will be received by the Company in the quarter ahead. Receipt of this competitive pricing information forms part of the Company's plan for capital optimisation of the Kola project.\n \nEnvironmental and social impact assessment for Kola (\"ESIA\")\n· T...