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ASX Release: 28 April 2023
Quarterly Report
For the period ended 31 March 2023
Danakali Limited (ASX: DNK, Danakali, or the Company) is pleased to provide this quarterly update
on the activities and financial position of the Company.
Corporate
Completion of Sale of Colluli Interest
On 31 March 2023, the Company announced completion of the sale of Danakali’s 50% interest in
the Colluli Mining Share Company (CMSC) to Sichuan Road and Bridge Group Co., Ltd. (SRBG or
the Purchaser) for US$166 million in upfront cash and deferred payments (Transaction).
As previously announced, pursuant to the Share Sale Agreement (SSA), the Purchaser agreed to
purchase:
(a) 100% of the shares held by Danakali’s wholly owned subsidiary, STB Eritrea Pty Ltd (STB), in
Colluli Mining Share Company (CMSC) (CMSC Equity); and
(b) the outstanding amount owed by CMSC to STB pursuant to the terms of the shareholders
agreement between ENAMCO and STB (Shareholder Loan),
for US$135 million and US$31 million (subject to an adjustment for deferred payment)
respectively, for a total sum of US$166 million. Upon completion of the Transaction, net of all
government taxes, Danakali received US$105 million (AUD$156 million), with a second tranche
payment of US$16 million to be received 6 months from completion.
DNK’s Plans Post Transaction Completion
Danakali is continuing its investigation of suitable projects for investment of a portion of the funds
received from the Transaction with a view to meeting the requirements of Listing Rule 12.1 to
return to official quotation upon application to ASX. The Company’s securities were suspended
from official quotation from the close of market on Monday 3 April 2023 (refer ASX
Announcement 31 March 2023 for further details).
Having completed the Transaction well ahead of schedule, Dankali efforts focused on
identification of new projects for investment will be increased. If the Company does not identify a
suitable new project, the shares of DNK will remain suspended.
complete text:
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