Eritrea – South Boulder Mines, the developer of the Colluli potash project located in the Danakil Depression region of Eritrea, in east Africa, announced on Tuesday that it has changed its name to Danakali with immediate effect, to reflect its activities as an emerging producer of premium potash and agricultural chemicals from the Colluli resource.
The name change announcement follows shareholder approval at the company’s AGM of shareholders on 29 May 2015, and receipt of a new certificate of registration for the company from the Australian Securities and Investments Commission.
Danakali MD Paul Donaldson says the new company name has significance to what the Colluli project represents both chemically and geographically.
He explains that the Danakil region of East Africa is recognised as an emerging potash province, and to date over 10 billion tons of potassium bearing salts have been identified.
“Potassium is an essential plant nutrient and is chemically described by the symbol K, which comes from kalium, the Medieval Latin word for potash.
“Danakali is therefore a representation of Danakil potash and is an appropriate company name against which to define ourselves as we make the transition from explorer to developer and subsequently producer,” says Donaldson.
The Colluli potash project is being developed by Danakali in partnership with the Eritrean National Mining Company.
The prefeasibility study for the project was completed in February 2015 and indicates an economically robust project which is underpinned by a substantial resource. This will be followed by a definitive feasibility study, which is expected to be complete by the end of the third quarter of 2015.
For ASX purposes, the effective date for the company name and ASX code change will be on Thursday 4 June 2015, at which time the ASX code will change from “STB” to “DNK”.