4. ,and the value is around 67,000.00 . This project has been viewed 588 times. Fig. Upon accepting the notice, the ministry, Danakali said, also showed support for the financing of the Colluli project by: A United Nations reportpublished last yearsuggested that Colluli could significantly boost Eritreas economy. Additionally, it will provide comprehensive camp services incorporating catering, cleaning, laundry, pest and vector control, grounds keeping and waste management. A United Nations report published in 2019 suggested that Colluli could significantly boost the economy of Eritrea. Colluli is owned by the Colluli Mining Share Company, a 50:50 joint venture with the Eritrean National Mining Company. The Colluli deposit comprises a massive JORC-2012 compliant Ore Reserve estimate of 1,100Mt @ 10.5% K2O for 203Mt of contained SOP equivalent, providing a mine life of almost 200 years. It has been a Unesco World Heritage Site since 2017. "They were only used to getting effectively pocket money and food, lodging and, of course, ammunition and weapons, and they began to turn round and say: 'Well, hang on, we now have to look after our families. Colluli has been largely de-risked in terms of geopolitics, infrastructure, off-take, and financing, with the module I scheduled to come on-stream in 2022. This post has been syndicated from a third-party source. The Colluli project is located in the Danakil Depression region of Eritrea, East Africa, about 75 km from the Red Sea coast The Perth-based miner noted that despite covid-19 restrictions,. Colluli is 75km from the Red Sea coast, providing unrivalled future logistics potential. Bloomberg News | December 23, 2022 | 7:38 am Premium Nickel aims to re-open Selebi mine in Botswana The Selebi south deposit has a resource of 11.28 million tonnes grading 0.98% nickel and 1.9% . The Colluli project is a 5050 joint venture between South Boulder Mines and the government-owned Eritrean National Mining Corporation. region, chief executive Niels Wagetold MINING.COM last year. Eritrea has a command economy under the control of the sole political party, the People's Front for Democracy and Justice, led by Afwerki. The front-end engineering design (FEED), expected to be Colluli Mining Share Company secured 165m ($200m) of senior debt finance from the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) in August 2019. The Colluli Potash Project (Project, Colluli ) is 100%. The owner and developer of the project is the Colluli Mining Share Company (CMSC), a 50:50 joint-venture between Danakali and the Eritrean National Mining Company (ENAMCO). Under the current FEED study for Module 1 and 2, Danakali will be one of the lowest cost SOP producers and with the development of the loading facility at Anfile Bay costs will decrease further as transportation costs are reduced. Many Eritreans hoped that the peace deal with Ethiopia would create economic opportunities for the country, but there is little sign of that happening yet. Colluli will be a simple open-cut mining operation utilising truck and shovel methods complemented by continuous surface miners. We have recently upgraded our technology platform. Fig. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. With mineralisation commencing at just 16m, the Colluli resource is the shallowest known evaporite deposit globally and is amenable to open-cut mining. The independent study, commissioned and funded by the UN Development Program (UNDP), assesses a wide range of econometric data and includes . The removal of Eritrea from the sanction list opened up the country for foreign investments, thus significantly reducing geopolitical risk. DANAKALI Ltd., Eritrea - Colluli Potash Project | Aktienforum | Aktien Forum | Diskussionsboard | Community von finanzen.at Previously, in London, he was editor of Investment Adviser and news editor of Financial Adviser, both of which belong to the Financial Times Group, Namibian Investment Promotion and Development Board, Dubais new family office rules can drive economic growth for the UAE, Opinion: New Brexit deal can only be a good thing for Northern Ireland, African FDI into mines on the rise as continent steps up its role in energy transition, How proptech is driving sustainability: Lessons from Stockholm, How Montrals unique agtech community is boosting local food production, EU to launch quest for raw materials critical for cleantech, Finding a cure: How cell and gene therapies could revolutionise medicine, China Shanghai Corporation for Foreign Economic and Technological Cooperation, Norway PESTLE Insights - A Macroeconomic Outlook Report, PESTLE Insights: Macroeconomic Outlook Report - Norway. Simplified process flow for the production of SOP from the Colluli resource, from this source. .goog-te-banner-frame {display:none !important;} Image courtesy of Danakali. In November 2021, Eritrea also signed a memorandum of understanding with China to join its Belt and Road Initiative. The Project has unrivalled potash product versatility. All land is considered state-owned and property rights are non-existent. Commonly, Potash refers to Potassium Chloride or Muriate of Potash (MOP), however, a number of other potash variants exist with premium potash types containing micro-nutrients as well as macro nutrients such as potassium sulphate, potassium magnesium sulphate and potassium nitrate. However, in July 2018, a peace agreement was finally reached between Afwerki and Ethiopias Prime Minister, Abiy Ahmed. Notify me of follow-up comments by email. In spite of the projected long-term growth of potash demand, the building of new production capacity has been lagging in the past few years, thanks to low potash prices. These authors includeSilver Coast Research, , among others. Danakali is developing the tier-1 Colluli potash project, Eritrea, which boasts the world's lowest costs and >200 years of mine life. Colluli has been largely de-risked in terms of. The above mineral reserves support 215 years of SOP production at 944 Ktpa as envisaged in modules I and II development plan. It has a geographic area of 117,600km2, making it slightly larger than Bulgaria. 2023 Glacier Media Group, All Rights Reserved, Botswana mining growth seen flat amid dim diamond outlook, Harmony Gold CEO says gold sector consolidation inevitable, Quest for worlds biggest diamonds gives De Beers a headache, Mali forecasts 3.5% decline in industrial gold output in 2023, Canada injects $75 million into BHPs Jansen potash mine, Russia raises fertilizer export quota by 500,000 tonnes, World to face potash price crunchas Brazil Potash propels Autazes project toward production, Europes largest rare earths deposit found in Sweden. Colluli, which Danakali shares with the Eritrean National Mining Corporation, is scoped to produce 472,000 tons a year of potash in sulphate (SOP) in its first phase before scaling up to second phase production of 944,000 tons annually. The saleable SOP product will be trucked via road for sipping to the Massawa port which is located approximately 230km north-west of the project site. The government monitors telephone and internet traffic and runs an extensive domestic surveillance system. Disclosure: I am/we are long SBMSF, CMP. Fig. Colluli, a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO), has been called a game-changer for Eritreas economy, as it is expected to become one of the worlds most significant and lowest-cost sources of sulphate of potash (SOP), a premium grade fertilizer. The total measured, indicated and inferred SOP mineral resources at the deposit are estimated to be 1.29 billion tonnes grading 11% K2O. A pre-feasibility study for the project was completed in February 2015 followed by the completion of a definitive feasibility study (DFS) in November 2015, while the mining license was granted in February 2017. Eritrean troops are fighting on the Ethiopian government's side (Eritrea borders Tigray to the north). For the area a high-temperature geothermal reservoir was identified in Alid with estimates of a potential heat of 250 to 300 degrees Celsius. The project also involves the construction of a heavy fuel oil-based power plant on-site to meet the electricity requirement. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Click to follow this blog and receive notifications of new posts by email. 2023 Glacier Media Group, All Rights Reserved, selling its 50% stake in the Colluli potash project, Botswana mining growth seen flat amid dim diamond outlook, Harmony Gold CEO says gold sector consolidation inevitable, BHP seeks to tighten grip on South Americas copper sector, Quest for worlds biggest diamonds gives De Beers a headache, https://www.hrw.org/world-report/2021/country-chapters/eritrea, https://www.dandc.eu/en/article/how-government-eritrea-became-one-worlds-most-repressive-regimes, https://www.hurstpublishers.com/book/understanding-eritrea-2/, Canada injects $75 million into BHPs Jansen potash mine, Russia raises fertilizer export quota by 500,000 tonnes, World to face potash price crunchas Brazil Potash propels Autazes project toward production, Europes largest rare earths deposit found in Sweden. Eritrea one of the least accessible countries for humanitarian organisations, Searches, Arrests, and Tension in Eritrea, Eritreas jailed journalist exhibition opens in UK Parliament, Dispute over Patriach splits Norwegian Orthodox church in two, Twenty one years after being jailed, Eritreas independent journalists are remembered in the British Parliament. Colluli is without peer on capital intensity and production capacity with the ability to expand rapidly. This long-lasting tension has led to Eritrea's militarisation. Adjusted net income of $0.52 beat the consensus estimate of $0.43. A comparison of Colluli with vertically-integrated SOP producing competitors, from the same source as Fig. Australia's Danakali (ASX, LON:DNK) is closer than ever to beginning the development of its world-class Colluli potash project in Eritrea, which is expected to become one of the world's. The UN says forced labour and detention without trial are common. Eritreas north-eastern and eastern parts have an extensive coastline along the Red Sea, strategically located along the Maritime Silk Road. However, China has set its sights on the country and perhaps it will receive large amounts of Chinese FDI in the future. Have the local Afar people been displaced and supplies to their communities cut to allow access to the site? A comparison of the Colluli and competing greenfield SOP development projects in terms of the distance to the export port, from the same source as Fig. Sadly, Eritrea looks set to remain a failed state as long as he is in office. The project has the worlds largest JORC compliant reserve at 1.1 billion tonnes. Asmara is a beautiful city and awash in colonial Italian architectural gems. partnerships for the SDGs. The above advantageous features combine to make Colluli the lowest-cost SOP producer outside of China (Fig. Whilst SOP demand is population growth story it is more of an economic growth story and the African continent is seen to be where the majority of the worlds economic growth will occur in the coming decades. DANAKALI focuses on developing the Colluli potash project in Eritrea, which is wholly owned by Colluli Mining Share Company . Over 6Bt of potassium bearing salts suitable for the production of potash fertilisers have been identified in the region to date. Under the terms of the agreement, EuroChem will take, pay, market, and distribute up to 100% of the module I SOP production over a 10+3 year term from the project commissioning. On December 3, 2019, Africa Finance Corporation also agreed to make a US$50 million equity investment in two tranches at A$0.60 per Danakali share. Eritrea has one of the most erratic economies in the world, partly due to chronic drought and highly variable agricultural output: its GDP surged by 31% in 2014 before plummeting by -20.6% in 2015. Journalists say that getting any information out of the country is extremely difficult. Copyright 2023, All Rights Reserved | Alphastox | Proudly Hosted by, Danakali to sell stake in flagship Colluli potash project in Eritrea, Canada Nickel develops new method for accelerated carbon capture, Patriot Battery Metals drills nine holes at Corvette, Metso Outotec expands digital grinding inspections with acquisition of Global Physical, Fatal accident at Ivanhoes Kamoa-Kakula mine in Congo. US Level 1 ADR's OTC-DNKLY, CUSIP.23585T101 The world's largest JORC compliant solid salt, Sulphate of . Australia's Danakali (ASX: DNK) is selling its 50% stake in the Colluli potash project in Eritrea, Africa, almost 13 years after partnering with the Eritrean National Mining Corporation. The project is on the Eritrean side of the border, giving Colluli a significant advantage relative to the other potash development projects in the Danakil Depression, which need to ship from the Tadjoura Port in Djibouti over 790km by road from the closest project on the Ethiopian side of the border.
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