{"id":150152,"date":"2020-06-01T13:02:04","date_gmt":"2020-06-01T13:02:04","guid":{"rendered":"https:\/\/www.bnreport.com\/danakali-is-well-funded-to-drive-sop-project-through-development\/"},"modified":"2020-06-01T13:02:04","modified_gmt":"2020-06-01T13:02:04","slug":"danakali-is-well-funded-to-drive-sop-project-through-development","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/danakali-is-well-funded-to-drive-sop-project-through-development\/","title":{"rendered":"Danakali is well-funded to drive SOP project through development"},"content":{"rendered":"<p><a href=\"https:\/\/www.proactiveinvestors.co.uk\/ASX:DNK\/Danakali-Ltd\/\" rel=\"noreferrer noopener\" target=\"_blank\">Danakali Ltd<\/a> (<a href=\"https:\/\/www.proactiveinvestors.co.uk\/ASX:DNK\/Danakali-Ltd\/\" rel=\"noreferrer noopener\" target=\"_blank\">ASX:DNK<\/a>) (<a href=\"https:\/\/www.proactiveinvestors.co.uk\/ASX:DNK\/Danakali-Ltd\/\" rel=\"noreferrer noopener\" target=\"_blank\">LON:DNK<\/a>) (OTCMKTS:SBMSF) remains well-funded to complete planned development activities at the world-class Colluli Sulphate of Potash (SOP) Project in Eritrea assisted by equity funding from Africa Finance Corporation (AFC).<\/p>\n<p>The US$21.5 million (A$31.8 million) first tranche funding of AFCs overall US$150 million funding package was received previously while Tranche 2 funding of US$28.5 million (A$42 million) has now been deferred.<\/p>\n<h4>Extension agreed[hhmc]<br \/>\n<\/h4>\n<p>This extension has been agreed by both parties to allow for the stabilisation of market and global conditions.<\/p>\n<p>Due to AFCs ongoing funding commitment for the development and construction of Colluli, the project remains on track for production during 2022.<\/p>\n<p>Colluli is 100% owned by the Colluli Mining Share Company (CMSC), a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO).<\/p>\n<h4>Deadline now November 21[hhmc]<br \/>\n<\/h4>\n<p>The deadline for Tranche 2 completion is now on or before November 21, 2020, which allows time for satisfaction of the remaining conditions precedent.<\/p>\n<p>It is considered necessary in response to, amongst other things, the constraints arising from global restrictions imposed due to the COVID-19 pandemic.<\/p>\n<h4>\u201cConstructive\u201d partnership[hhmc]<br \/>\n<\/h4>\n<p>Danakali&#039;s chief executive officer Niels Wage said: \u201cWe are pleased to announce this extension.<\/p>\n<p>\u201cThe progress reflects the constructive dialogue and partnership between the company and AFC, which is highlighted by the recent appointment to the board of AFCs president and CEO Samaila D Zubairu and senior director for Investment Operations and Execution Taiwo Adeniji as non-executive directors.\u201d<\/p>\n<p>AFC remains committed to Colluli and has reiterated its confidence in delivery and success of the project.<\/p>\n<h4>AFC \u201ccommitted\u201d[hhmc]<br \/>\n<\/h4>\n<p>AFC president and CEO said Samaila D Zubairu said: \u201cAFC continues to be a great supporter of Colluli and we are confident in Danakalis competence to successfully deliver the project.<\/p>\n<p>\u201cWe remain committed to our US$150 million funding across the CMSC Senior Debt and equity investments.\u201d<\/p>\n<p>Danakali is continuing with planned corporate initiatives and is undertaking the current activities related to EPCM Pha<a href=\"https:\/\/www.proactiveinvestors.co.uk\/companies\/news\/920769\/danakali-is-well-funded-to-drive-sop-project-through-development-920769.html\" rel=\"noreferrer noopener\" target=\"_blank\">Read More \u2013 Source<\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/webfiles.thecse.com\/PRO_LOGO_P_COLOUR.png?sYToe11NLbcXiyGkVa5syF9WB04cy98G\"\/><\/p>\n<h5><a href=\"https:\/\/www.proactiveinvestors.co.uk\/\" rel=\"noreferrer noopener\" target=\"_blank\">Proactiveinvestors<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) remains well-funded to complete planned development..<\/p>\n","protected":false},"author":1,"featured_media":150153,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-150152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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