The Society of Eritrean Earth Scientists and Mining Engineers (SEESME) conducted its founding congress at the National Confederation of Eritrean Workers (NCEW) Hall on 13 December 2019.
After so long, Eritrean professionals in Geology, Mining Engineering, Process Engineering and other related fields of earth science lived to see the day. Continue reading Founding Congress of Eritrean Earth Science and Mining Engineers→
Following a comprehensive review of the potential benefits of dual listing on the London Stock Exchange (LSE), Danakali Limited (ASX: DNK) (Danakali, or the Company) is pleased to announce that the Danakali Board of Directors has approved the Company progressing a dual listing on the LSE. It is expected that the dual listing will be executed within H1 CY2018.
The dual listing is in line with the Company’s equity strategy which includes effectively mobilising significant UK, European, and Middle East institutional interest, increasing share trading liquidity, and further raising the profile of the world class Colluli Potash Project (Colluli).
The analysis and advice sought by Danakali from external parties indicates that the LSE is clearly the world’s leading stock exchange for African focused mining companies.
There are currently limited opportunities for exposure to mining companies of Danakali’s size and quality on the LSE, and it is expected that this dynamic will serve to strengthen interest.
The LSE was determined to be an appropriate dual listing stock exchange for Danakali for various reasons including liquidity, access to funds, relative size of other companies, profile benefits, costs, and the Company’s growth potential.
The Company has been working with a select group of UK brokers, legal advisers, and Investor and Public Relations firms, and expects to make appointments in the immediate term. The company is well funded and currently has no specific plans to raise capital in line with the LSE listing.
• The Danakali Board of Directors has approved a dual listing on the LSE
• Intention to dual list on the LSE in H1 CY2018
• Dual listing aligns with equity funding and development strategy
• The LSE is the premier stock exchange for companies with African mining assets
• Significant institutional investor interest, scale, liquidity, and profile enhancements expected
The Company’s shares will continue to be listed and trade on the Australian Stock Exchange (ASX). The ASX is set to remain an important listing jurisdiction for Danakali as it progresses. The Company has strong broker support in Australia, has accumulated a substantial retail and high net worth following on the ASX, and has experienced material share price gains since the release of the Colluli Definitive Feasibility Study and completion of project permitting. Offtake discussions for Colluli are well advanced and running in parallel with funding workstreams and front-end engineering design (FEED) is nearing completion.
Danakali Managing Director, Paul Donaldson: “The decision to list on the LSE is the result of careful consideration and reflects our learnings from extensive interactions with investment communities globally with respect to the Company and the Colluli Project. Our ultimate aim is to drive value and optimal outcomes for our shareholders and stakeholders (including our JV partners, ENAMCO), through the successful development of Colluli. The Company sees the LSE dual listing as a key step to unlocking the investor interest and equity funding required to achieve that goal.”
Eritrea expects to have four mines in operation by 2018 producing gold, copper, zinc and potash as one of Africa’s poorest nations looks to build an industry that can kick-start its economy, a top mining official told Reuters.
Danakali Limited (Danakali, ASX: DNK) is pleased to announce the results of the Definitive Feasibility Study (DFS) for the Colluli Potash Project (Colluli, or the Project), located in Eritrea, East Africa. 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).
Key outcomes of the DFS include a reduction in Phase I development capital by over 30% to US$298m resulting in a market leading capital intensity of US $702/t sulphate of potash (SOP) and an accelerated Phase-I payback period of 3.5 years.