Congo-Brazzaville: Kore Potash and Power China in talks for the construction of a potash mine
Kore Potash is eyeing the signing of an engineering, procurement, and construction (EPC) contract for its Kola potash project in the Republic of Congo, targeted for the 2nd quarter of 2024. The UK-based mining company revealed this information in its financial results released at the end of March.
Discussions are currently in progress with the Power China group, which submitted a proposal in February 2024. Under an agreement reached in June 2022, Power China is tasked with developing a 2.2 million tonne processing plant to operate the mine over a span of 31 years. The initial investment required for the project is estimated at $1.83 billion for a construction period of 40 months.
Despite ongoing negotiations to secure funding for the project, no specific date has been provided for the final investment decision.
Industry analysts speculate that the successful development of the Kola project could significantly impact the mining sector in the Republic of Congo, accelerating the diversification of an economy heavily reliant on oil exploitation.
