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Kore Potash mulls US$600M fundraising in London, Johannesburg for Kola project


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Kore Potash mulls US$600M fundraising in London, Johannesburg for Kola project

Kore Potash Ltd. CEO Sean Bennett said the company intends to raise US$600 million in London and Johannesburg in 2019 to fund development of its Kola project in the Republic of the Congo, Reuters reported March 29.

Bennett said the US$1.86 billion potash mine will be funded through a combination of the capital raising and debt financing.

The executive noted that Australia's capital markets are not too keen on funding large African projects.

Kore Potash was admitted to trading on London Stock Exchange's AIM market and the Johannesburg Stock Exchange, effective March 29.

The new listings will be in addition to the company's existing listing on the ASX and follow the company's re-domicile to the U.K. in 2017, according to a March 29 release.

The potash miner raised about US$13.1 million in its debut on the London and Johannesburg exchanges.

The company operates Kola mine as its flagship project, located within its 97%-owned Sintoukola potash project.

A definitive feasibility study on the project is scheduled to complete in the second quarter or early third quarter this year, and production is expected to start towards the end of 2022.