The Mining Convention covering the proposed staged development of Kore Potash’s Kola and Dougou mining licences has been gazetted into law following ratification by the Parliament of the Republic of the Congo.
The licences form part of the company’s 97%-owned Sintoukola flagship potash project.
The gazetting of the Mining Convention is a critical milestone for the company, providing security of title and the right to develop and operate the Kola mining project as well as the adjacent Dougou and Dougou Extension deposits.
It concludes the framework envisaged in the 25-year renewable Kola and Dougou mining licences granted in August 2013 and May 2017, respectively.
What it does primarily offer is certainty and enforceability of the key fiscal arrangements for the development and operation of Kola and Dougou mining licenses, which amongst other items include import duty and VAT exemptions and agreed tax rates during mine operations.
Brad Sampson, CEO of Kore Potash, comments:
“The finalisation of the Mining Convention creates certainty on the legal and fiscal regime within which Kore Potash will operate its potash projects in the Republic of the Congo. Furthermore, it demonstrates the Government of the Republic of Congo’s alignment to realise the potential of the Congo potash basin and the commitment to the development of the Kola project.”
This is an exciting milestone which has been reached at an important time, as Kore Potash works to complete its review of the Kola Definitive Feasibility Study.”
“The recent growth in the sylvinite mineral resources and the definition of exploration targets highlights the potential scale and strategic importance of the Sintoukola area. With the Mining Convention in place the company is one step closer to having all necessary permits and studies in place to commence development.”