‘We are shovel-ready … so as soon as we secure the full funding, we will start construction, and production will be in 2021’
Danakali Ltd (ASX:DNK) (LON:DNK) executive chairman Seamus Cornelius updates Proactive Investors on the potash developer’s recent execution of a mandate to provide fully underwritten debt finance facilities of US$200M to fund and construct its Colluli Potash Project in Eritrea.
“Given that we’re in Africa, if you were to take a market that is a specialist in funding African projects then that is probably London,” says Cornelius regarding Danakali’s recent AIM-listing.
He continues, “getting the debt now with $200 million under the mandate letter, that helps us as well.
“Where we are in terms of the project is we are shovel-ready, so as soon as we secure the full funding we will start construction – the construction will take two years and then we’ll be in production [in] 2021.”