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Kore Potash Plc (ASX:KP2)

ALERT: Price-sensitive ASX Announcement for KP2
Current share price for KP2 : $0.062 0.018 (40.91%)+
Announcement
Release
10 Jun 2025 6:29PM
Price at Release
$0.044
Full Release
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Summary
On 28 June 2023, Kore Potash Plc announced the signing of a non-binding term sheet with the Summit Consortium for up to US$2.2 billion in financing to fund the construction of the Kola Potash Project in the Republic of Congo. This term sheet, which includes proposed terms for debt, royalty, and equity financing, represents an important milestone towards securing full project funding. While non-binding except for exclusivity and confidentiality, the term sheet sets the basis for further negotiations and the preparation of definitive agreements. The financing, if successfully concluded, will cover the construction, commissioning, and ramp-up of the Kola Project, which is regarded as a significant global potash resource. However, there is no guarantee that the financing will ultimately be completed, and further updates will be provided as discussions progress.
Key Points
  • Kore Potash Plc announced the signing of a non-binding term sheet for up to US$2.2 billion in financing.
  • The term sheet was signed with Summit Consortium for the construction of the Kola Potash Project in the Republic of Congo.
  • The agreement is a significant step towards financing the full construction cost of the Kola Project.
  • The non-binding term sheet establishes the intended commercial terms for the financing package including debt, royalty, and equity.
  • The Consortium is led by SEPCO Electric Power Construction Corporation, a subsidiary of PowerChina, and includes Summit Investments and BRP Global.
  • The financing aims to cover the construction, commissioning, and ramp-up of the Kola Project.
  • The term sheet is not legally binding except for certain clauses such as exclusivity and confidentiality.
  • The parties will now negotiate legally binding agreements based on the term sheet.
  • The financing will require the completion of due diligence, final approvals, and the completion of a legally binding financing agreement.
  • Kore Potash’s Kola Project is considered a world-class potash deposit, critical for the supply of potash fertilizer globally.
  • The announcement does not guarantee that financing will be successfully concluded.
  • The company will provide further updates as negotiations progress.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.