TIDMDNK
RNS Number : 1905V
Danakali Limited
13 April 2021
Announcement Tuesday 13 April, 2021
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Resignation of CFO
Danakali Limited (ASX: DNK, LSE: DNK, Danakali or the Company)
advises that the Chief Financial Officer, Mr Stuart Tarrant, has
resigned and will pursue another career opportunity. The current
Head of Finance, Greg MacPherson will take on the majority of
Stuart's responsibilities with the balance being assumed by the
Executive Chairman and existing external accounting support at
Bellatrix Corporate.
Mr Tarrant became CFO in June 2017 and led the process to obtain
US$200M of senior secured debt for the Colluli Potash Project in
Eritrea (Facility) from Africa Finance Corporation and African
Export Import Bank. Drawdown of the Facility remains subject to
satisfaction of customary conditions precedent, which are well
progressed. The Company and Mr Tarrant believe it is an appropriate
time for the change.
Seamus Cornelius, Executive Chairman comment:
"Stuart made a valuable contribution to Danakali particularly in
regard to the senior secured debt. I wish him every success in his
next role and am looking forward to working closely with our Head
of Finance, Greg MacPherson. Our mission is to develop Colluli as
quickly and safely as possible and I am sure that our small,
focussed and highly motivated team will succeed in that mission
with the support of our shareholders, Eritrean National Mining
Corporation (ENAMCO), senior lenders and other key
stakeholders.
As we develop Colluli, I expect the overwhelming majority of new
hires will be made in consultation with ENAMCO and work for the
Colluli Mining Share Company which is the joint venture owner and
operator of Colluli."
.
For more information, please contact:
Danakali
Seamus Cornelius Mark Riseley
Executive Chairman Head of Corporate Development and Investor
+61 8 6266 8368 Relations
+61 8 6266 8368
Visit the Company's website: www.danakali.com
Follow Danakali on LinkedIn:
www.linkedin.com/company/danakali-limited
Subscribe to Danakali on YouTube:
www.youtube.com/channel/UChGKN4-M4lOvPKxs9b-IJvw
Announcement authorised for release by the board of
Danakali.
About Danakali
Danakali Limited (ASX: DNK, LSE: DNK) (Danakali, or the Company)
is an ASX- and LSE-listed potash company focused on the development
of the Colluli Sulphate of Potash Project (Colluli or the Project).
The Project is 100% owned by the Colluli Mining Share Company
(CMSC), a 50:50 joint venture between Danakali and the Eritrean
National Mining Corporation (ENAMCO).
The 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. Mineralisation
within the Colluli resource commences at just 16m, making it the
world's shallowest known potash deposit. The resource is amenable
to open cut mining, which allows higher overall resource recovery
to be achieved, is generally safer than underground mining, and is
highly advantageous for modular growth.
The Company has completed a Front-End Engineering Design (FEED)
for the production of potassium sulphate, otherwise known as
Sulphate of Potash or SOP. SOP is a chloride free, specialty
fertiliser which carries a substantial price premium relative to
the more common potash type; potassium chloride (or MOP). Economic
resources for production of SOP are geologically scarce. The unique
composition of the Colluli resource favours low energy input, high
potassium yield conversion to SOP using commercially proven
technology. One of the key advantages of the resource is that the
salts are present in solid form (in contrast with production of SOP
from brines) which reduces infrastructure costs and substantially
reduces the time required to achieve full production capacity.
The resource is favourably positioned to supply the world's
fastest growing markets. A binding take-or-pay offtake agreement
has been confirmed with EuroChem Trading GmbH (EuroChem) for up to
100% (minimum 87%) of Colluli Module I SOP production.
Development Finance Institutions, Africa Finance Corporation
(AFC) and African Export Import Bank (Afreximbank), have obtained
formal credit approval to provide CMSC with US$200M in senior debt
finance. The credit documentation was executed in December 2019,
allowing drawdown of CMSC senior debt on satisfaction of customary
conditions precedent. This represents the majority of funding
required for the development and construction of the Colluli. AFC
has also made a strategic equity investment in Danakali of US$21.5M
(A$31.8M) allowing the commencement of the development for the
Project.
Forward looking statements and disclaimer
The information in this document is published to inform you
about Danakali and its activities. Danakali has endeavoured to
ensure that the information enclosed is accurate at the time of
release, and that it accurately reflects the Company ' s
intentions. All statements in this document, other than statements
of historical facts, that address future production, project
development, reserve or resource potential, exploration drilling,
exploitation activities, corporate transactions and events or
developments that the Company expects to occur, are forward looking
statements. Although the Company believes the expectations
expressed in such statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements.
Factors that could cause actual results to differ materially
from those in forward-looking statements include market prices of
potash and, exploitation and exploration successes, capital and
operating costs, changes in project parameters as plans continue to
be evaluated, continued availability of capital and financing and
general economic, market or business conditions, as well as those
factors disclosed in the Company ' s filed documents.
There can be no assurance that the development of Colluli will
proceed as planned. Accordingly, readers should not place undue
reliance on forward looking information. Mineral Resources and Ore
Reserves have been reported according to the JORC Code, 2012
Edition. To the extent permitted by law, the Company accepts no
responsibility or liability for any losses or damages of any kind
arising out of the use of any information contained in this
document. Recipients should make their own enquiries in relation to
any investment decisions.
Mineral Resource, Ore Reserve, production target, forecast
financial information and financial assumptions made in this
announcement are consistent with assumptions detailed in the
Company ' s ASX announcements dated 25 February 2015, 23 September
2015, 15 August 2016, 1 February 2017, 29 January 2018, and 19
February 2018 which continue to apply and have not materially
changed. The Company is not aware of any new information or data
that materially affects assumptions made.
No representation or warranty, express or implied, is or will be
made by or on behalf of the Company, and no responsibility or
liability is or will be accepted by the Company or its affiliates,
as to the accuracy, completeness or verification of the information
set out in this announcement, and nothing contained in this
announcement is, or shall be relied upon as, a promise or
representation in this respect, whether as to the past or the
future. The Company and each of its affiliates accordingly
disclaims, to the fullest extent permitted by law, all and any
liability whether arising in tort, contract or otherwise which it
might otherwise have in respect of this announcement or any such
statement.
The distribution of this announcement may be restricted by law
and therefore any persons into whose possession this announcement
comes should inform themselves about and observe any such
restrictions in connection with the distribution of this
announcement. Any failure to comply with such restrictions may
constitute a violation of relevant the securities laws.
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END
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April 13, 2021 02:00 ET (06:00 GMT)
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