Mining

Congo: Kore Potash in talks with Power China over potash mine construction project

Congo: Kore Potash in talks with Power China over potash mine construction project
Tuesday, 02 April 2024 20:09

The Republic of Congo has an underdeveloped mining sector; a situation that contrasts with its vast mineral resources. This situation could, however, change in coming years, as the country ramps up efforts to exploit its resources and diversify its economy.

This quarter, Kore Potash plans to sign an Engineering, Procurement, and Construction (EPC) contract for its Kola Potash project in the Congo Republic.  The UK-based mining company unveiled its plan in its financial results published at the end of March. The firm also stressed that it is in talks with the Power China group, which submitted a proposal last February.

According to an agreement reached in June 2022 with Power China, the company is to develop a 2.2 million-tonne processing plant to operate the mine for 31 years. The initial investment required is estimated at $1.83 billion for 40 months of construction work. Negotiations have been ongoing for several months to mobilize funds, but no date has been provided for the final investment decision.

The Kola project could speed up Congo’s economic diversification and transform its mining sector. The country, at the moment, mostly exploits oil resources. Kore Potash forecasts annual revenues of $773 million and an EBITDA of $583 million for the project once it comes online.

On the same topic
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
South Africa plans to invest $121 billion in rail modernization by 2050. Freight demand exceeds current rail capacity by over 100 million tonnes...
Nigeria increases local solar panel manufacturing capacity from 120 MW to 300 MW. Authorities target import substitution and rural electrification...
Daystar Power signs deal with Olam Agri Ghana to build a 1.9 MWp rooftop solar plant. Project targets reduced reliance on grid power and diesel...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
03

Ecobank Transnational Incorporated asked shareholders to vote on a $500 million Tier 2 Eurobond...

Ecobank Calls Vote on a New $500 Million Bond, With Eyes on a June 2026 Capital Cliff
04

Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...

“Private Investors Are Not Philanthropists: Risk Must Be Shared” — Tarek Toko Chabi, BOAD
05

Funding part of $250 million raise to boost investor confidence Fintech expands services, pr...

Nigeria Approves $75 Million Investment in Flutterwave Ahead of NGX Listing
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.