Kore Potash seeks to close key project funding as interim loss shrinks
Kore Potash PLC said on Friday its immediate focus is to seal the finance package for its Kola potash project in the Republic of Congo.
Releasing its interim financial results on Friday, the owner of the Kola and DX potash projects noted that it is addressing the key steps to secure funding for its flagship project.
The first step was technical support for the construction phase, with the request for proposals sent out and currently evaluating those, Kore said.
The second step will be negotiating an operator contract’s proposal on a cost plus basis, it said.
Pretax loss was $435,428 for the six months that ended June 30, narrowed from $528,636 a year earlier. Loss per share remained steady 0.01 US cents.
Interest income surged to $68,527 from $2,894.
In June, Kore signed an agreement that would see OWI-RAMS GMBH fund Kore’s Kola project. OWI-RAMS had indicated it intended to arrange and then provide a funding package for Kola, amounting to about $2.2 billion, or nearly R 39 billion, through a blend of senior secured project finance and royalty financing.
As at June 30, cash and cash equivalents held was $3.5 million, up sharply from $1.3 million.
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