Kore Potash (LON:KP") booked losses of US$6.3mln during the year to 31 December 2018 and experienced net cash outflows from operating and investing activities of US$23.1mln.
Cash and cash equivalents totalled US$6.2mln as of 31 December 2018.
The company is now considering development options for the Kola potash project in the Republic of Congo, after a consortium of French companies submitted an engineering, procurement and construction proposal.
Chief executive Brad Sampson spoke of the “the extremely high quality of the assets in the Sintoukola basin and the potential to bring an entirely new, globally significant potash district into production.”
He added: “I firmly believe that this a project that needs to be built, a combination of our high grade, shallow depth, and proximity to the coast means that we can produce MOP at, or amongst, the lowest operating costs anywhere in the world. Combined with the huge size of the resource this means that the basin can supply an increasing global demand for fertiliser for decades, and longer, to come.”