8th Aug 2019 12:20
(Alliance News) - Danakali Ltd on Thursday said its power contractor has received credit approval for the Colluli power plant in Eritrea.
African Export-Import Bank granted credit approval to provide Danakali's preferred power contractor, Inglett & Stubbs International, with a USD42 million guarantee. This guarantee will then "facilitate senior debt funding for the Colluli sulphate of potash project's power plant".
This follows a Monday announcement that African Export-Import Bank and Africa Finance Corp have been given approval to provide a USD200 million senior debt facility to Colluli Mining Share Co.
Inglett & Stubbs International will now be able to move its financing closer to completion and use its debt facility to build the Colluli plant.
Shares in Danakali were down 1.2% at 42.00 pence on Thursday in London.
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