Kore Potash (LON: KP2) announced today that its capital cost were reduced by $520 million to $1.83 billion to build its Kola Potash Project in the Sintoukola Basin, located within the Republic of Congo.
Kore traded up 19% to GBP1.20 a share.
Construction period reduced to 40 months from the DFS construction period of 46 months.
Production from Kola scheduled over an initial 31 year project life.
“The successful completion of the Kola optimisation study moves us closer to production and we eagerly await delivery of the construction contract and financing proposals," said CEO Brad Sampson.
The company says that the Kola is designed as a conventional mechanised underground potash mine with shallow shaft access. Ore from underground is transported to the process plant via an overland conveyor approximately 25 km long. After processing, the Muriate of potashis conveyor transported 11 km to the marine export facility. Muriate of potash is conveyed from the storage area onto barges via the dedicated barge loading jetty and then trans-shipped into ocean going vessels for export.
