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Danakali “shovel-ready” at Colluli following execution of US$200m debt finance mandate

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.”

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Price: 0.595 AUD

ASX:DNK
Market: ASX
Market Cap: $158.02 m
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