Danakali Limited - To host Colluli site visit
Danakali Limited (ASX:DNK) is hosting a site visit to Colluli this week with the South African Ambassador to Eritrea as well as an Australian analyst. The trip follows another analyst visit in February. A further site visit is planned for Diplomats and Analysts in October as the company ramps up its financing plans.
Danakali Limited (ASX:DNK) (“Danakali” or the “Company”) is pleased to announce that it will host a visit to the Colluli potash project site in Eritrea, East Africa from the 20th to the 22nd June. The visit team will comprise the South African Ambassador to Eritrea, Prof M Iqbal D Jhazbhay and Baillieu Holst analyst, Warren Edney. The trip will include a visit to the port of Massawa, which is the designated export facility for the first stage of the Colluli potash project development. Baillieu Holst initiated coverage on Danakali earlier in June. Somers and Partners mining analyst, Duncan Hughes visited the Colluli site and port of Massawa in February.
An additional visit to the Colluli site for mining analysts and diplomats is currently being planned for October of this year.
The Colluli project definitive feasibility study (DFS) was completed in November 2015, and is currently awaiting mining license approvals. Funding discussions are underway and the company has signed memorandums of understanding for 800,000 tonnes of sulphate of potash per annum. The DFS indicates industry leading capital intensity, bottom quartile operating costs and an ore reserve of 1.1 billion tonnes.