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Danakali chairman updates on financing with construction to start before year-end

Seamus Cornelius, executive chairman of Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF), caught up with Proactive London after agreeing a US$200 million syndicated loan facility to go towards construction of its Colluli Potash Project in Eritrea.

The fully-underwritten loan facility led by African development financial institutions (DFIs) African Export-Import Bank and Africa Finance Corporation has a series of milestones Danakali must satisfy to qualify.

Colluli has a massive ore reserve estimate of 1.1 billion tonnes grading 10.5% potassium oxide for 203 million tonnes of contained sulphate of potash equivalent.

 
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