19.03.2020
Thank you for your email. We hope you are keeping well and safe in these unprecedented times.
The global COVID-19 outbreak has contributed to significant financial market volatility. While we are closely monitoring the developments concerning the coronavirus pandemic, we would like to assure you that we continue to operate effectively and have strong project economics and a robust strategy with an ultimate goal to maximize shareholder profits.
By way of update, we have recently made significant progress to bring Colluli closer to construction and production. Some of the recent highlights are given below:
We have secured significant funding of US$250m for development of Colluli out of the US$322m needed to fund the project, and we are well underway to start development. This support comes from major African development financial institutions AFC and Afreximbank;
We have made significant progress on EPCM, on time and budget, and Phase 2 has now commenced according to the plan;
Proactive work is being undertaken on engaging with a range of in-country development activities, including geotechnical investigation, human resources and on the ground operations;
All health and safety and other precautionary measures have been put in place to ensure our staff is safe and sound amidst the ever-changing environment with the pandemia.
Attached is the latest monthly project update and you are also welcome to see our announcements on Danakali’s website here. ( www.danakali.com.au/investor-relations/asx-announcements )
Please let us know if there are any more specific questions you have and we would be happy to try to answer them. We will make sure you are provided with the latest updates on our developments in due course and thank you for your support and understanding.
Sincerely,
Todd Romaine
Chief Sustainability Officer
Danakali Limited
