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Market: ASX:DNK
52-week High/Low: A$0.85 / A$0.60
Sector: Mining
Market Cap: A$177.19M
Danakali Ltd

Danakali Ltd

Danakali Ltd (ASX:DNK) is focussed on the world class Colluli Potash Project in Eritrea.

Danakali Ltd

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Big picture - Why invest in Danakali Ltd

Danakali Ltd Snapshot

CMSC owns exploration tenements spanning over 400km2 within the Danakil Depression in South East Eritrea.

Since 2010, 97 holes have been drilled identifying a resource containing more than one billion tonnes of potassium bearing salts suitable for the production of potash fertilisers.

South Boulder Mines Ltd is currently working on the Feasibility Study to support the development of the project.


Vision, Mission & Values

Our Vision, Mission and Values capture in words the spirit of South Boulder Mines and what we stand for. They guide the decisions, actions and behaviours of our people; are evidenced in our relationships with our partners, customers, stakeholders and shareholders; and drive our performance and growth.

Our Vision

Our vision is to bring the Colluli project into production using the principles of risk management, resource utilisation and modularity, using the starting module as a growth platform to develop the resource to its full potential.

Our Mission

To be a high performance company that:
– Achieves the best outcome for our shareholders
– Values long-term relationships with business partners and suppliers
– Supports the communities in which we operate
– Provides an enriching, fulfilling and rewarding environment for employees

Our Values

Our core values are our guiding principles that define our internal conduct and our relationships with the external operating environment. They consist of people, performance, planet, integrity and simplicity, and we will not compromise them.


Our employees, customers, local communities, business partners, shareholders and other stakeholders are vital to our business success and future growth. The health, safety and wellbeing of our people are paramount. Our business success is underpinned by educating our employees about our business, embracing diversity, encouraging ideas that improve our business, demonstrating a “can do“ attitude, respecting each other, promoting and rewarding teamwork, and aligning ourselves to a set of common goals.


We conduct ourselves with uncompromising integrity and honesty as individuals and as a company. This means standing up for what we believe in, speaking out against something that is wrong and putting values ahead of short term results. We are forthright with bad news and difficult issues. We strive to earn enduring credibility with others, which we believe is essential to long-term personal and business relationships. This means doing what we say we will do.


We respect our operating environment at local, national and international levels and are focussed on continually reducing the environmental footprint of our business. We achieve this through creating environmental management plans, using energy efficiently, conserving water, minimising waste generation and managing waste responsibly.


We are a performance driven organisation, and continually strive for improvement in the things that matter most to our business. We embrace innovation, responsibility and accountability, and always consider short, medium and long term time horizons.


We embrace the principle that everything should be as simple as possible. We maintain simplicity in our internal processes and procedures with objectives that are succinct, quantitative, and time bound.

Colluli Project

The Colluli deposit is located in the Danakil region of Eritrea, East Africa. The deposit is approximately 350km south of the country capital, Asmara and 180km from the port of Massawa, the country’s major import/export facility. The resource contains over 1.2 billion tonnes of potassium bearing salts suitable for the production of potash fertilisers, and is only 75km from the Red Sea coast making it one of the most accessible potash deposits in the world. The Danakil Depression is an emerging potash province with over 4 billion tonnes of potassium bearing salts identified in the region to date. South Boulder Mines and the Eritrean National Mining Company (ENAMCO) are 50-50 joint venture partners in the Colluli Mining Share Company (CMSC). CMSC owns 100% of the Colluli project and is focussed on the development and growth of the project using the principles of risk management, modulatory and full resource utilisation.

The Colluli concession covers over 200 square kilometers and contains a variety of salts including rocksalt, magnesium chloride, gypsum and potassium bearing salts suitable for the production of potash. Since exploration commenced in 2010, over 1 billion tonnes of potassium bearing salts have been identified and the joint venture is now focusing on the development of the project.

Mineralisation of the potassium bearing salts makes Colluli the shallowest known potash deposit in the world. Its unique combination of potassium bearing salts makes it suitable for the production of potassium sulphate, a premium potash fertiliser which sells at a premium to the more common potassium chloride. Potassium sulphate has limited production centres around the world and is suitable for application to fruits, vegetables, coffee plants and other chloride intolerant crops.

The diverse range of potassium salts within the resource also makes production of potassium magnesium sulphate, potassium chloride, and potassium chloride-magnesium sulphates potential growth opportunities for the future. These are well established potash fertilisers that are sold in various parts of the world.

A pre-feasibility study for the production of 425,000 tonnes per annum of potassium sulphate, with production expected to commence in 2018 was completed in February 2015, and demonstrated highly favourable economics. The modular development introduces a second module in 2023, and positions the substantial resource for decades of growth.

A definitive feasibility study is now underway and expected to be complete in Q3.


(click here for more information on this project)



Last updated 31st March 2015.

Mr Paul Donaldson
Chief Executive Officer & Managing Director

Mr Donaldson was appointed as Chief Executive Officer in February 2013 and joins South Boulder from a series of senior management roles spanning more than 20 years with BHP Billiton (“BHP”). Mr Donaldson holds a Masters Degree in Business and Technology from the University of NSW and a degree in Chemical Engineering from the University of Newcastle.

At BHP, Mr Donaldson was most recently General Manager of the +50 million tonne per annum Area C Iron Ore operation in Western Australia. He was formerly Manager of Technical Marketing based in Asia, contributing to both product suite and product placement strategies for coking coal, manganese and iron ore. Other highly relevant roles include Manager of Port Operations at the Nelson Point Facility in Western Australia.

Mr Donaldson also brings extensive experience in high level business improvement and logistics at base metal operations and a high degree of integrated supply chain management, technical operational management and frontline leadership experience in the steel industry.



Mr Seamus Cornelius
Non-Executive Chairman

Mr Cornelius is a corporate lawyer and former partner of one of Australia’s leading international law firms. He specialised in cross-border transactions, particularly in the resources sector.

Mr Cornelius has been based in Shanghai and Beijing since 1993 and brings more than 20 years of corporate experience in legal and commercial negotiations. He has also advised globalcompanies on their investments in China and in recent years advised Chinese state-owned entities on their investments in overseas resource projects.

Mr Cornelius is currently the Chairman of Buxton Resources Ltd (BUX) since 29 November 2010 and Montezuma Mining Company Ltd (MZM) since 30 June 2011.



Mr John Fitzgerald
Non-Executive Director

Mr John Fitzgerald has an extensive finance background having  previously held positions at NM Rothschild and Sons, Investec Bank Australia, Commonwealth Banks and HSBC Precious Metals.

He is the Managing Director of Optimum Capital Pty Ltd, a corporate debt and advisory business focussed on the mining sector. John is also a Non-Executive Director of Northern Star Resources Limited and Chairman of Mungana Goldmines Limited.  Mr Fitzgerald is a  Chartered Accountant, a Fellow of FINSIA and a member of the Australian Institute of Company Directors.



Mr Tony Kiernan
Non-Executive Director

Mr Kiernan has over 25 years of experience in the mining industry and was previously a commercial lawyer. He is currently a corporate advisor and has extensive experience in the administration and operation of public listed companies. He brings particular skills in the areas of Government relations and approvals, corporate strategy and corporate governance, all of which are key areas for the Company as it progresses the development of its key asset, the Colluli Potash Project in Eritrea, East Africa.

Mr Kiernan is currently the Non-Executive Chairman of BC Iron Ltd (BCI) since 11 October 2006, Non-Executive Chairman of Venturex Resources Limited (VXR) since 14 July 2010 and Non-Executive Chairman of Chalice Gold Mines Ltd (CHN) since 15 February 2007.



Mr Liam Cornelius
Non-Executive Director

Mr Cornelius graduated from Curtin University of Technology with a BApp.Sc in Geology. Mr Cornelius has been involved in the exploration industry within Australia, Asia and Africa for nearly 20 years. Whilst originally specializing in gold he has experience with a wide range of commodities including nickel, copper, platinum, uranium and potash.

As a founding member of South Boulder Mines Ltd, Mr Cornelius has played a key role in outlining areas of interest for the Company. In addition to project generation and fund raising, he also provides guidance to the Board on future directions. Mr Cornelius has not held any former directorships in the last 3 years.



Ms Amy Just
Company Secretary

Amy is the Company Secretary of the Group and specialises in the provision of corporate advisory, company secretarial and financial management services. She has ten years of experience as a Chartered Accountant and is member of the Governance Institute of Australia.

Amy has acted as the Financial Controller and Company Secretary of numerous domestic and international oil & gas and mineral exploration companies, and has significant ASX compliance, statutory reporting, and corporate governance experience.



Mr James Durrant
Colluli Study Manager

James joins South Boulder Mines in May of 2014 following nearly 7 years working in various senior engineering, corporate and operational leadership roles throughout BHP Billiton’s iron ore operations in Western Australia.

James has been heavily involved with standardisation and simplification of operating procedures and processes across multi-site operations and facilitated the streamlining and standardisation of organisational structures. He has also managed site infrastructure improvement projects and process change projects to enhance mine performance in both safety and optimisation in the key operational functions of Load and Haul, Mine Planning and Drill and Blast.

James has a BEng in Mechanical Engineering and a MSc in Mining Engineering from the Camborne School of Mines.



Mr Zeray Leake
Eritrean Country Manager

Mr Leake is a Geologist with over 12 years experience in the development and exploration of potash, gold, base metals and industrial minerals.

Mr Leake previously worked for the Geological Survey of Eritrea.




Last updated 31st March 2015.

Postal Address
South Boulder Mines Ltd
15 Lovegrove Close
Mount Claremont WA 6010

Office Address

Ground Floor
31 Ventnor Avenue
West Perth WA 6005

Telephone: +61 8 6315 1444
Facsimile: +61 8 9486 7093
Email: [email protected]




Last updated 31st March 2015

Board of Directors
Seamus Ian Cornelius (Non – Executive Chairman)
Paul Donaldson (Chief Executive Officer & Managing Director)
Anthony “Tony” Kiernan (Non-Executive Director)
John Fitzgerald (Non-Executive Director)
Liam Raymond Cornelius (Non-Executive Director)
John Fitzgerald (Non-Executive Director) 

Company Secretary
Amy D Just

Executive Management
Paul Donaldson (Chief Executive Officer & Managing Director)

Registered Office
Ground Floor
31 Ventnor Avenue

Principal Place of Business
Ground Floor
31 Ventnor Avenue

Tel: +61 8 6315 1444
Fax: +61 8 9486 7093

Kings Park Corporate Lawyers
Suite 8, 8 Clive St

1275 Hay Street
West Perth WA 6005.

Share Registry
Security Transfer Registrars Pty Ltd
770 Canning Highway

Telephone: +61 8 9315 2333
Facsimile: +61 8 9315 2233

Rothsay Chartered Accountants
Suite 11
4 Ventnor Avenue

South Boulder Mines Ltd
ABN: 56 097 904 302
ACN: 097 904 302

Stock Exchange Listing
South Boulder Mines Limited shares (ASX:STB) are listed on the Australian Stock Exchange.




Last updated 31st March 2015

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