Business
Review of Operations for Quarter to 30 June 2023
Review of Operations for Quarter to 30 June 2023.
About this update from Kore Potash Plc
[{"type":"text","content":"\n\n18 July 2023\n \nKore Potash Plc\n(\"Kore Potash\" or \"the Company\")\nReview of Operations for the Quarter ended 30 June 2023\n \nKore Potash (AIM: KP2, ASX: KP2, JSE:KP2), the potash development company with 97%-ownership of the Kola Potash Project (\"Kola\" or the \"Kola Project\") and Dougou Extension (\"DX\") Potash Project in the Sintoukola Basin, located in the Republic of Congo (\"RoC\"), provides its quarterly update for the period ended 30 June 2023 (the \"Quarter\").\n \nQuarterly Highlights\n \nProjects\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 (\"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· A review of the strategic options available for the DX Project is underway.\n \nCorporate\n· The Company held its Annual General Meeting (\"AGM\") on 20 June 2023.\n· Pablo Hernandez-MacDonald did not offer himself for re-election as a non-executive director to the Board at the AGM. A replacement Sociedad Química y Minera de Chile S.A (\"SQM\") nominated non-executive director will be announced in due course.\n· As of 30 June 2023, the Company held US$2.6 million in cash.\n \nOperational Activities\n \nKola EPC\nKore Potash signed a Memorandum of Understanding with the Consortium in April 2021 for the Optimisation of Kola, the provision of an EPC contract proposal and to provide a debt and royalty financing proposal for the full construction cost of Kola.\n \nThe results of the Optimisation Study (\"Study\") announced on 27 June 2022 supported moving to the next phase of Kola's development.\n \nOn 28 June 2022, the Company announced that it had signed a Heads of Agreement (\"HoA\") for the construction of Kola with SEPCO.\n \nUnder the HoA, SEPCO undertook to continue negotiations with Kore Potash to...