The Eritrean Ministry of Energy and Mines (MoEM) has accepted the Notice of Commencement of Mine development for the Colluli potash project.
ASX- and LSE-listed Danakali on Wednesday noted that the MoEM has also shown support for the financing of the Colluli project by granting the company a 36-month period to start commercial production from the submission of the notice, placing production start at December 2022, consenting to the security to be granted in support of the financing, and consenting to the account structure for the project financing.The acceptance of the notice is one of the conditions precedent to the financing of the Colluli project, and is a positive step towards achieving financial close of the project facilities, CEO Niels Wage said.