Modern Mining April 2022

MINING News

Kore Potash signs MoU for financing Kola Potash construction

Construction Corporation (SEPCO), signed the Optimisation Agreement to undertake a study to reduce Kola’s capital cost with a target of less than $1.65 billion (Target Capex). Under the Summit Consortium’s pro posed financing structure, the company will not contribute to the capital needed to build the Kola project and will retain a 90% equity interest in Kola. In November 2021 , the company received the Interim optimisation report on the Kola Project from SEPCO. The report covered 53 capital reduction opportunities for Kore Potash to evaluate for inclusion in the Optimisation Study Report. Brad Sampson, CE of Kore Potash, com mented: “Rising food prices and growing global demand highlight the importance of fertilisers, including potash, a vital agri nutrient required for quality plant growth and crop yield to the global economy. With high grades, significant resources and a beneficial location, the Sintoukola Basin is one of the most promising potash deposits in the world.”  open at depth and along strike. Drilling is scheduled for completion in Q2 2022. Bert Monro, CEO of Cora, commented, “We have multiple workstreams under way as we set our sights on delivering a definitive feasibility study in the coming months, alongside a resource expansion programme, which we believe will further enhance both the quantum and confidence levels of our MRE. We have consistently demonstrated Sanankoro’s potential to become an open-pitable, free-digging oxide mine and work will accelerate throughout 2022 as we look to make this into reality.” 

Kore Potash, which has a 97%-ownership of the Kola and DX Potash Projects in the Sintoukola Basin, in the Republic of Congo (RoC), recently signed a MoU with Summit on behalf of a consortium of investors and engineering firms, to arrange the total financing required for the construction of the Kola Potash Project (Kola).

The MoU outlines a roadmap to optimise the capital design to finance and construct Kola via a mix of debt and royalty financing. Under the proposed financing arrange ments, the RoC Government will retain its 10% shareholding in Kola. During the period, Summit and its technical partners SEPCO Electric Power

Upgrade to station loading facilities.

Bernard Pryor heads up Karo Mining P l a t i n u m g r o u p metals (PGMs) and chrome co-producer Tharisa has appointed Bernard Pryor as MD

Cora Gold commences resource drilling at Sanankoro Gold Project

Cora Gold, a West African focused gold company, has announced that further resource drilling has commenced at the company’s Sanankoro Gold Project, in southern Mali. The company launched its 2022 drill programme at the flagship Sanankoro Gold Project, which is made up of five contiguous permits. Drilling highlights include: a 7 500 m drill programme underway, which aims to enhance the current Mineral Resource Estimate (MRE) of 809.3 koz at 1.15 g/t Au. According to the company, there is a strong expansion potential that all deposits remain

of Karo Mining Holdings. In March, Tharisa increased its stake in Karo Holdings to 66.3%. Karo Holdings holds an indirect 85% interest in the Karo Platinum Project in Zimbabwe. Pryor is a metallurgical engineer by back ground with over 35 years’ experience in the international mining industry. His experi ence also includes international commercial and general management, most notably in Australia, Brazil, West and Southern Africa, the Middle East and Russia. Recently, Pryor was CEO of Alufer Mining where, under his supervision, its flagship Bel Air bauxite mine in the Republic of Guinea was developed and put into production. Pryor has also held positions as CEO of African Minerals and Q Resources. Between 2006 and 2010 he held senior positions within Anglo American as head of business development and was CEO of Anglo Ferrous Brazil. 

Cora Gold launched its 2022 drill programme at its Sanankoro Gold Project.

10  MODERN MINING  April 2022