Meeting with Minister of Mines

Kore Potash

20/12/2022 09:30

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RNS Number : 3125K  Kore Potash PLC  20 December 2022

20 December 2022

 

Kore Potash Plc

 

 

Meeting with Minister of Mines

 

Kore Potash (AIM: KP2, ASX: KP2, JSE:KP2) ("Kore Potash" or "the Company"),
the potash development company with 97%-ownership of the Kola and DX potash
projects in the Sintoukola Basin, located in the Republic of Congo ("RoC")
provides an update on the development of the Kola project.

 

On 19 October 2022, the Company announced receipt of correspondence from the
RoC Minister of Mines ("Minister") expressing his discontent with aspects of
the administration of the Company's subsidiary companies in the Congo
("Subsidiaries") and his perception of slow progress by Kore and the Summit
Consortium towards the financing of the Kola Project.

 

The Company responded in writing to the Minister within the 30-day period
requested by him.

 

Following receipt of the Minister's letter, an internal review of the
administration of the Subsidiaries did not identify any material deficiencies
in their administration.

 

The Company has additionally commissioned two separate independent reviews of
the administration of its Subsidiaries via a respected RoC legal services firm
and the RoC office of an international legal and financial services firm.
These reviews are planned to be completed in January 2023.

 

On 17 December 2022, the Company met in person with the Minister, and the
discussion included a further update on the progress towards financing the
Kola Potash Project.

 

At the end of the meeting, the Minister expressed his thanks for how the
Company responded to his most recent letter and assured the Company of his and
the RoC Government's ongoing support for Kore Potash to develop its Kola
Project.

 

The Minister reinforced the great importance of the Kola Project to the people
of the Congo and encouraged the Company to continue to keep him informed on
its continued progress. He further encouraged the Company to continue with its
work to conclude the Engineering, Procurement and Construction contract terms
and financing arrangements to enable the commencement of the construction of
the Kola Project as soon as possible.

 

This announcement has been approved for release by the Board of Kore Potash.

 

 

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

ENDS

 

 

 

For further information, please visit www.korepotash.com
(http://www.korepotash.com) or contact:

 

 Kore Potash                                      Tel: +27 84 603 6238

 Brad Sampson - CEO

 Tavistock Communications                         Tel: +44 (0) 20 7920 3150

 Emily Moss

 Adam Baynes
 SP Angel Corporate Finance - Nomad and Broker    Tel: +44 (0) 20 7470 0470

 Ewan Leggat

 Charlie Bouverat
 Shore Capital - Joint Broker                     Tel: +44 (0) 20 7408 4050

 Toby Gibbs

 James Thomas
 Questco Corporate Advisory - JSE Sponsor         Tel: +27 (11) 011 9205

 Doné Hattingh

 

 

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