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Kore Potash PLC - owner of the Kola and DX potash projects in Republic of Congo - Signs a heads of agreement for the construction of the Kola Potash Project with SEPCO Electric Power Construction Corp. The Kola construction, which is projected to last for 40 months, is estimated to have a capital cost $1.83 billion.
Chief Executive Brad Sampson says the heads of agreement with SEPCO reconfirms its commitment to advance from the completed Kola optimisation phase, construction contract formation to the construction.
The Summit Consortium has also reaffirmed its commitment to provide Kore with a financing proposal for the full construction cost of Kola. This proposal will be provided after Kore has received the engineering, procurement and construction proposal. SEPCO and the consortium have agreed on the key engineering, procurement and construction terms. The consortium is an investment group that represents investors and engineering firms.
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