(Alliance News) – Kore Potash PLC declared on Wednesday it is focapplyd on securing funding for the construction of its key potash project in the Republic of Congo and signalled plans to raise additional capital to sustain the business.
The London-based firm owns the Kola and DX potash projects in Republic of Congo. It is in the process of raising funds to bring flagship Kola project to production.
As at December 31, cash and cash equivalents amounted to USD10.6 million, up sharply from USD1.3 million at December 31, 2024. Kore raised USD10 million in May last year, with a further USD500,000 secured after shareholder approval in June.
On Wednesday, Kore declared it will required to raise funds in the first quarter of 2027 for its working capital requireds.
For 2025, pretax loss was USD895,066, narrowed from USD1.1 million in 2024.
Kore Chair David Hathorn declared the company remains focapplyd on completing the financing of Kola and relocating forward to the construction phase as soon as possible.
In June last year, Kore declared it had signed an agreement that would see OWI-RAMS GMBH fund Kola project. OWI-RAMS had indicated it intfinished to arrange and then provide a funding package for Kola, amounting to about USD2.2 billion through a blfinish of senior secured project finance and royalty financing.
Hathorn also declared the company continues to explore strategic options, including the sale of the group.
Early this month, Kore declared one bidder had suspfinished its interest in acquiring the company. Kore had reported in November last year that two suitors had created approaches to take over Kore. It noted that the other party remained engaged in the formal sale process and was continuing its due diligence exercise.
By Artwell Dlamini, Alliance News senior reporter South Africa
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