12th Sep 2025 08:19
(Alliance News) - Kore Potash PLC said on Friday its immediate focus is to seal the finance package for its Kola potash project in the Republic of Congo.
Releasing its interim financial results on Friday, the owner of the Kola and DX potash projects noted that it is addressing the key steps to secure funding for its flagship project.
The first step was technical support for the construction phase, with the request for proposals sent out and currently evaluating those, Kore said.
The second step will be negotiating an operator contract's proposal on a cost plus basis, it said.
Pretax loss was USD435,428 for the six months that ended June 30, narrowed from USD528,636 a year earlier. Loss per share remained steady 0.01 US cents.
Interest income surged to USD68,527 from USD2,894.
In June, Kore signed an agreement that would see OWI-RAMS GMBH fund Kore's Kola project. OWI-RAMS had indicated it intended to arrange and then provide a funding package for Kola, amounting to about USD2.2 billion, or nearly ZAR39 billion, through a blend of senior secured project finance and royalty financing.
As at June 30, cash and cash equivalents held was USD3.5 million, up sharply from USD1.3 million.
By Artwell Dlamini, Alliance News senior reporter South Africa
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