Kore Potash PLC (LON:KP2) said it has sufficient information to commence a formal review of the definitive feasibility study documentation for the Sintoukola potash project.
On October 29, the company received 15 volumes of the definitive feasibility study (DFS) documentation from the consortium of French engineering companies; the remaining volume is being finalised.
The company is awaiting feedback from the Ministry of Mines and Geology on whether further action is required by the company to finalise the Mining Convention for the Sintoukola (Kola) project. The convention has been approved by the Cabinet and reviewed by the Republic of Congo parliament.
The company revealed he held US$11.7mln in cash at the bank at the end of September.
"Completion of the DFS is a critical step towards unlocking the potential of the Sintoukola Project area. The company looks forward to finalising the review of the DFS and sharing the outcomes with shareholders,” said Brad Sampson, the chief executive officer of Kore.
"The Kola deposit is a globally significant potash deposit and we expect the DFS to forecast operating costs that demonstrate the potential for production at Kola to be disruptive in the potash market and generate significant cash flows for multiple generations,” he added.