Danakali’s world-class Colluli Potash Project has potential to boost Eritrea’s economy
Danakali Ltd’s (ASX:DNK) (LSE:DNK) (FRA:SO3) (OTCMKTS:SBMSF) Colluli Potash Project in Eritrea has the potential to significantly boost the East African country’s economy.
An independent report initiated and funded by the United Nations Development Program (UNDP) also finds that Colluli can meaningfully advance Eritrea’s sustainable development agenda.
Report prepared on behalf of UNDP
Titled ‘Analysis of the Potential Contributions of Colluli Potash Project to Sustainable Development Goals in Eritrea’, the report was prepared during 2018 by senior economists on behalf of the UNDP.
It assesses a wide range of econometric data and includes findings from engagements with Eritrean government officials, relevant public institutions and other Colluli stakeholders.
Danakali executive chairman Seamus Cornelius said the report reinforced the uniqueness of Colluli and the company was grateful for the effort and energy that went into the report.
“We appreciate the magnitude of the opportunity and the responsibility that comes with developing an asset of this significance with the potential to improve the lives of millions.
“Colluli is much more than a great mining asset.
“Not only does it have outstanding grade, size, location and simplicity; Colluli’s products will also help farmers and support food security in Eritrea, across Africa and beyond.”
Colluli is owned by the Colluli Mining Share Company (CMSC), a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO).
The project is about 75 kilometres from the Red Sea coast, making it one of the most accessible potash deposits globally and mineralisation begins at 16 metres, making it the world’s shallowest deposit