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Minbos Resources Ltd Using a $US360/t potash price, Kola’s post-tax NPV is fore-
Country: Angola cast at $US1.623 billion for a 20% IRR, 2.2 mtpa production
and a 31-year project life. Potash spot prices in June averaged
Market cap: $60.45 million $US562.2/t.
“The development of Kola is of global importance,” Kore chief
Minbos also recently raised money, receiving firm commitments executive Brad Sampson said. “Recent geopolitical events
for a $25 million placement in July to support the Cabinda phos- highlight the risks inherent with potash production concentrated
phate project. within a small number of companies and locations with opera-
The funds will be put towards meeting the capex requirements tions situated long distances inland, far from ports and global
for Cabinda with project construction anticipated to start Q3. customers. New potash producers are required in locations
Minbos has also diversified its interests with technical studies closer to customers.”
under way for a green ammonia project. The hydrogen-based
fuel has the potential to support carbon-free fertiliser growth. Danakali Ltd
Minbos signed a MoU with Italian company Stamicarbon in July
for green ammonia production. Country: Eritrea
“The hydro power-to-ammonia plant will support Angola’s Market cap: $84.71 million
low-carbon and inclusive growth, its agricultural output and its
smallholder farmers and communities,” Minbos chief executive Like Kore, Danakali is invested in the production of SoP and is
Lindsay Reed said. purported to possess one of the world’s largest solid salt, near
surface, high-grade SoP reserves of 1.1bt.
Kore Potash plc If successful, the Colluli project could run for 200 years. It is
Country: Republic of Congo operated in a 50/50 JV with Eritrean national mining corporation
Enamco.
Market cap: $72.75 million Danakali has been in the fertiliser game the longest of its peers
and for many years has seemingly been on the cusp of commit-
Kore recently published an optimisation study and signed a HoA ting to development.
for the construction of its Kola SoP project in the Sintoukola Ba- The biggest roadblock in Danakali’s way right now is secur-
sin, while an EPC contract was also expected at the time of print. ing project funding for Collulli which has an estimated capex of
The optimisation study reduced capital costs previously forecast $US302 million for Phase I. At the end of the previous quarter,
in the DFS from $US2.35 billion to $US1.83 billion. Expected the company retained a cash position of $19.1 million.
construction time was also reduced by six months to 40 months.
Kore expects to receive a financing proposal later in the year.

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