RA, listed on the London Stock Exchanges AIM board, specialises in building, operating and maintaining facilities in remote and challenging conditions across Africa, providing complex humanitarian, governmental, mining, and other commercial developments and services, Danakali says. But when [Afwerki] discovers that his authority is being questioned after independence, he begins reacting in the same way. The above mineral reserves support 215 years of SOP production at 944 Ktpa as envisaged in modules I and II development plan. The Report was undertaken during 2018 by senior economists on behalf of the UNDP. the countrys GDP by 2021 and 50% of the nations exports by 2030, while Select LanguageChinese (Simplified)EnglishGerman The deposit is the only one in the world world where SOP can be made from an open-cut mine due to its extreme shallowness. To open fire on your own disabled [people] is pretty appalling.". It also has access to solar, wind and geothermal energy systems the East African rift. At a forward P/FCF multiple of 2.6X for Module I (2022-) and 1.3X once Module II comes on-stream in 2028, Danakali appears to be undervalued. In June 2018, Danakali reached a binding take-or-pay offtake agreement with EuroChem Trading GmbH. Despite funding setbacks last year, Danakali says that Colluli, a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO), is on track for production in 2022. Potash products including SOP, MOP, and SOP-M all have the potential to be produced at Colluli. The Colluli project is located in the Danakil Depression region of Eritrea, East Africa, and is ~75km from the Red Sea coast, making it one of the most accessible potash deposits globally. The border with Sudan was closed until early 2019 because relations were so bad. ColluliMining Share company (CMSC,) a 50:50 Joint Venture between Danakali Limited (DNK) and Eritrean National Mining Corporation (ENAMCO) Codes: ASX: DNK, SO3-FRA, SO3-BER. After all considerations and government taxes, Danakali said it expects to receive approximately $121m. inequalities, climate action, peace, justice and strong institutions and The relative location of the Colluli resource to these critical markets gives it a significant logistics advantage and unrivalled access to the potash markets of the future. 4). Colluli has a JORC-2012 compliant measured, indicated and inferred resource of 1,289 Mt at 11% K20 equivalent and 7% kieserite. A binding offtake agreement for up to 100% of Module I SOP production, and a US$200M debt financing term sheet have been executed, and all material permits are in place. The Colluli project is located in the Danakil Depression region of Eritrea, East Africa, about 75 km from the Red Sea coast. seriously, this Man is a lobbyist of TPLF A group designated as a Terrorist Organisation in Ethiopia. Please disable your ad-blocker and refresh. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. In addition to these benefits our grade control drilling provides us to approach the open cut mine plan with a high degree of selectivity and certainty. MoEM has shown support for the financing of the project by granting time to begin commercial production (up to mid-December 2022) as well as . The proximity to the coast and the established port infrastructure in the Port of Massawa gives Colluli unrivalled access to global export markets, and it also decreases logistics costs from the mine gate onto the ship. The FEED economic studies envisage the production of 472 Ktpa in module I for development capital of US$302 million and another 472 Ktpa in module II beginning year 6 for additional investment of US$202 million. Many Eritreans hoped that the peace deal with Ethiopia would create economic opportunities for the country, but there is little sign of that happening yet. It also provides off-takers with additional confidence on Project certainty and fundability, supporting the finalisation of binding bankable offtake agreements.
