TIDMDNK

RNS Number : 8001G

Danakali Limited

29 July 2021

 
 Announcement   Thursday, 29 July 2021 
=============  ======================= 
 

QUARTERLY REPORT

For the period ending 30 June 2021

Danakali Limited (ASX: DNK, LSE: DNK, Danakali, or the Company) is pleased to provide this quarterly update on the activities and financial position of the Company and its Colluli Potash Project (Colluli or the Project), located in Eritrea, East Africa. The Project is 100% owned by the Colluli Mining Share Company (CMSC), a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO). CMSC is progressing to become a leading producer and exporter of Sulphate of Potash (SOP), the premium potash type.

Highlights

Project

-- Optimisation of the Water Intake and Treatment Area ( WITA ) simplifying infrastructure using sea water in processing was completed. Engineering design and estimation updates have commenced

-- Reverse Osmosis Plant ( RO ) manufacturing recommenced and the order of the Sewage Treatment Plant ( STP ) placed and manufacturing also commenced. Camp scope and terms materially agreed subject to relevant in country approvals and formal documentation

-- On site Infrastructure design commenced by DRA in South Africa

Project Financing

-- Received A$20.3m (before costs), from institutional and sophisticated investors and senior Danakali Executives. An additional A$466,400 will be received from Danakali Directors subject to Shareholder approval

-- Discussions with ENAMCO, senior lenders and interested third parties on a full funding solution progressed

Environmental, Social and Governance (ESG)

-- The Company continues to advance the environmental and social management deliverables required as part of the lender requirements for project debt financing

Corporate & Financial

-- Cash balance of A$25.7M as of 30 June 2021

Project & Corporate Update

Project Update

CMSC commenced the early works program with instructions being issued to WEC Projects Pty Ltd in South Africa to complete the Reverse Osmosis ( RO ) plant and Sewerage Treatment Plant ( STP ) manufacturing and function testing ready for shipment to Eritrea.

Environmental & Social Governance

E&S Management System Development

CMSC operational management systems will align with the Equator Principles, IFC standard for Environmental and Social Performance and the World Bank Group Environment, Health and Safety Guidelines. During the quarter, the Company further advanced the Environmental and Social Action Plan (ESAP) requirements, which is now approximately 90% complete. ESAP closure is a one of the conditions precedents to the US$200m Senior Debt and the senior lenders are regularly engaged with regard to the progress.

Project

Process Test Work

Following completion of recent test work CMSC confirmed on 27 May 2021 that it will rely on a combination of beach well intake, and filtered seawater to the SOP production plant at the Colluli mine site. The proposed new Water Intake and Treatment Area (WITA) boasts having a smaller onshore and offshore footprint, significantly reducing the environmental impact. It will also require less opex. Renewable energy options are also being investigated to reduce, fuel costs and CO(2) emissions. This is a game changing development in the Colluli Project production process using an unlimited source of Red Sea seawater.

CMSC also confirmed on 17 June 2021, the optimisation of the process plant design and mass balance using filtered seawater. The results proved that Colluli ore will produce predictable high grade (51.0% K(2) 0 SOP at low chloride levels (<1%)) at the stated 472,000 tonnes per annum from Module 1 & 2. These test work results reinforce the benefits at Colluli with its unique natural resources and in situ potassium that result in significant economic advantages.

Corporate

Danakali continues to review a number or funding options currently available to it, including institutional funding, placement instruments in addition to current corporate development options with key strategic players.

In particular, discussions continue with DNK's senior debt lenders, African Finance Corporation and Afrieximbank toward an agreement in principle for increasing senior debt limits at the CMSC level.

Project Financing

On 12 May 2021, the Company completed a share placement to institutional and sophisticated investors raising A$21.3m (before costs) (Placement). An additional A$466,400 will be received from Danakali Directors subject to Shareholder approval.

Capital

Cash

Consolidated cash on hand was A$25.7M as at 30 June 2021. Please refer to the Appendix 5B for the quarter which estimates that available funding is sufficient for more than 18 quarters.

Securities

As at 30 June 2021, there were a total of 367,254,346 fully paid ordinary shares on issue. A total of 47,565,999 shares were issued during the June 2021 Quarter pursuant to the Placement.

As at 30 June 2021, there were a total of 5,264,112 unlisted options on issue at various exercise prices and expiry dates. No unlisted options were issued, exercised or lapsed during the June 2021 Quarter.

As at 31 March 2021, there were a total of 360,000 performance rights on issue. No performance rights were issued, converted or lapsed during the June 2021 Quarter.

Related Party Transactions

In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the quarter totaled A$0.131m. The Company advises that this relates to Director fees. Refer to the Remuneration Report in the Financial Report for further details on director remuneration.

Interests in mining tenements

The 7 Mining Licenses awarded to CMSC span over 60km(2) of the 100km(2) Mining Agreement area. There were no mining exploration activities undertaken during the quarter.

Tenement holdings

 
 Tenement              Colluli, 
                        Eritrea 
====================  ================ 
 Nature of interest    Owned 
====================  ================ 
 License type          Mining Licenses 
====================  ================ 
 Current equity        50% 
====================  ================ 
 

There was no change in tenement holding during the June 2021 Quarter.

For more information, please contact:

 
Danakali 
Seamus Cornelius     Mark Riseley 
 Executive Chairman   Head of Corporate Development 
 +61 8 6266 8368      +61 8 6266 8368 
 

Visit the Company's website: www.danakali.com

Follow Danakali on LinkedIn: www.linkedin.com/company/danakali-limited

Subscribe to Danakali on YouTube: www.youtube.com/channel/UChGKN4-M4lOvPKxs9b-IJvw

Announcement authorised for release by the board of Danakali.

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

 
 Name of entity 
----------------------------------------------------- 
 Danakali Limited 
 ABN                Quarter ended ("current quarter") 
---------------    ---------------------------------- 
 57 097 904 302     30 June 2021 
                   ---------------------------------- 
 
 
 Consolidated statement of cash                           Current quarter   Year to date 
  flows                                                                      (6 months) 
                                                               $A'000           $A'000 
                1.   Cash flows from operating 
                      activities 
 1.1                 Receipts from customers                            -              - 
 1.2                 Payments for 
                     (a) exploration & evaluation                       -              - 
                     (b) development                                    -              - 
                     (c) production                                     -              - 
                     (d) staff costs                                (203)          (865) 
                     (e) administration and corporate 
                      costs                                         (441)        (1,099) 
 1.3                 Dividends received (see note                       -              - 
                      3) 
 1.4                 Interest received                                  9              9 
 1.5                 Interest and other costs of                        -              - 
                      finance paid 
 1.6                 Income taxes paid                                  -              - 
 1.7                 Government grants and tax                          -              - 
                      incentives 
 1.8                 Other (provide details if                          -              - 
                      material) 
                                                         ----------------  ------------- 
                     Net cash from / (used in) 
 1.9                  operating activities                          (635)        (1,955) 
------------------  -----------------------------------  ----------------  ------------- 
 
 2.                       Cash flows from investing 
                           activities 
 2.1                      Payments to acquire or for: 
                     (a) entities                                       -              - 
                     (b) tenements                                      -              - 
                     (c) property, plant and equipment                  -              - 
                     (d) exploration & evaluation                       -              - 
                     (e) investments                                    -              - 
                     (f) other non-current assets                       -              - 
 2.2                      Proceeds from the disposal 
                           of: 
                     (a) entities                                       -              - 
                     (b) tenements                                      -              - 
                     (c) property, plant and equipment                  -              - 
                     (d) investments                                    -              - 
                     (e) other non-current assets                       -              - 
 2.3                 Cash flows from loans to other                     -              - 
                      entities 
 2.4                 Dividends received (see note                       -              - 
                      3) 
 2.5                 Other (funding of joint venture)              (782)*        (1,689) 
                                                         ----------------  ------------- 
                     Net cash from / (used in) 
 2.6                  investing activities                          (782)        (1,689) 
------------------  -----------------------------------  ----------------  ------------- 
 
 3.                  Cash flows from financing 
                      activities 
                     Proceeds from issues of equity 
                      securities (excluding convertible 
 3.1                  debt securities)                             20,455         20,455 
 3.2                 Proceeds from issue of convertible                 -              - 
                      debt securities 
 3.3                 Proceeds from exercise of                          -              - 
                      options 
                     Transaction costs related 
                      to issues of equity securities 
 3.4                  or convertible debt securities              (1,482)        (1,482) 
 3.5                 Proceeds from borrowings                           -              - 
 3.6                 Repayment of borrowings                            -              - 
 3.7                 Transaction costs related                          -              - 
                      to loans and borrowings 
 3.8                 Dividends paid                                     -              - 
 3.9                 Other (provide details if                          -              - 
                      material) 
                                                         ----------------  ------------- 
                     Net cash from / (used in) 
 3.10                 financing activities                         18,973         18,973 
------------------  -----------------------------------  ----------------  ------------- 
 
 4.                  Net increase / (decrease) 
                      in cash and cash equivalents 
                      for the period 
                     Cash and cash equivalents 
 4.1                  at beginning of period                        7,606          9,739 
                     Net cash from / (used in) 
                      operating activities (item 
 4.2                  1.9 above)                                    (635)        (1,955) 
                     Net cash from / (used in) 
                      investing activities (item 
 4.3                  2.6 above)                                    (782)        (1,689) 
                     Net cash from / (used in) 
                      financing activities (item 
 4.4                  3.10 above)                                  18,973         18,973 
                     Effect of movement in exchange 
 4.5                  rates on cash held                              568            662 
                                                         ----------------  ------------- 
                     Cash and cash equivalents 
 4.6                  at end of period                             25,730         25,730 
------------------  -----------------------------------  ----------------  ------------- 
 
 
               5.   Reconciliation of cash and           Current quarter   Previous quarter 
                     cash equivalents                         $A'000            $A'000 
                     at the end of the quarter 
                     (as shown in the consolidated 
                     statement of cash flows) to 
                     the related items in the accounts 
 5.1                Bank balances                                 25,730              7,606 
 5.2                Call deposits                                      -                  - 
 5.3                Bank overdrafts                                    -                  - 
 5.4                Other (term deposit)                               -                  - 
                                                        ----------------  ----------------- 
                    Cash and cash equivalents 
                     at end of quarter (should 
 5.5                 equal item 4.6 above)                        25,730              7,606 
-----------------  -----------------------------------  ----------------  ----------------- 
 
 
               6.    Payments to related parties of the entity    Current quarter 
                      and their associates                             $A'000 
                     Aggregate amount of payments to related 
                      parties and their associates included in 
 6.1                  item 1                                                  131 
                                                                 ---------------- 
 6.2                 Aggregate amount of payments to related                    - 
                      parties and their associates included in 
                      item 2 
                                                                 ---------------- 
 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly 
  activity report must include a description of, and an explanation 
  for, such payments. 
 

Payments included in item 6.1 relates to payment of director fees ($131k)

 
               7.   Financing facilities                    Total facility      Amount drawn 
                     Note: the term "facility'             amount at quarter    at quarter end 
                     includes all forms of financing              end               $A'000 
                     arrangements available to                  $A'000 
                     the entity. Add notes as necessary 
                     for an understanding of the 
                     sources of finance available 
                     to the entity. 
 7.1                Loan facilities                                        -                 - 
                                                         -------------------  ---------------- 
 7.2                Credit standby arrangements                            -                 - 
                                                         -------------------  ---------------- 
 7.3                Other (please specify)                                 -                 - 
                                                         -------------------  ---------------- 
 7.4                Total financing facilities                             -                 - 
                                                         -------------------  ---------------- 
 
 7.5                Unused financing facilities available at                                 - 
                     quarter end 
                                                                              ---------------- 
 7.6                Include in the box below a description of each facility 
                     above, including the lender, interest rate, maturity date 
                     and whether it is secured or unsecured. If any additional 
                     financing facilities have been entered into or are proposed 
                     to be entered into after quarter end, include a note providing 
                     details of those facilities as well. 
-----------------  --------------------------------------------------------------------------- 
 
 
 
               8.   Estimated cash available for future operating              $A'000 
                     activities 
                    Net cash from / (used in) operating activities 
 8.1                 (item 1.9)                                                  (635) 
 8.2                Payments for exploration & evaluation classified                 - 
                     as investing activities (item 2.1(d)) 
  8.2a               Other (funding of joint venture) (item 2.5)                (782)* 
 8.3                Total relevant outgoings (item 8.1 + item                  (1,416) 
                     8.2 + item 8.2a) 
 8.4                Cash and cash equivalents at quarter end                    25,730 
                     (item 4.6) 
 8.5                Unused finance facilities available at quarter                   - 
                     end (item 7.5) 
                                                                             --------- 
 8.6                Total available funding (item 8.4 + item                    25,730 
                     8.5) 
                                                                             --------- 
 
                    Estimated quarters of funding available 
 8.7                 (item 8.6 divided by item 8.3)                               18.2 
                                                                             --------- 
                    Note: if the entity has reported positive relevant outgoings 
                     (ie a net cash inflow) in item 8.3, answer item 8.7 as 
                     "N/A". Otherwise, a figure for the estimated quarters 
                     of funding available must be included in item 8.7. 
                     * The Company considers it appropriate to include cash 
                     outflows related to the funding of joint venture (investing 
                     activities) in this table given its ongoing obligation 
                     to fund these activities. 
 8.8                If item 8.7 is less than 2 quarters, please provide answers 
                     to the following questions: 
                    8.8.1 Does the entity expect that it will continue to 
                     have the current level of net operating cash flows for 
                     the time being and, if not, why not? 
                   ------------------------------------------------------------------- 
                    Answer: 
                   ------------------------------------------------------------------- 
                    8.8.2 Has the entity taken any steps, or does it propose 
                     to take any steps, to raise further cash to fund its operations 
                     and, if so, what are those steps and how likely does it 
                     believe that they will be successful? 
                   ------------------------------------------------------------------- 
                    Answer: 
                   ------------------------------------------------------------------- 
                    8.8.3 Does the entity expect to be able to continue its 
                     operations and to meet its business objectives and, if 
                     so, on what basis? 
                   ------------------------------------------------------------------- 
                    Answer: 
                   ------------------------------------------------------------------- 
                    Note: where item 8.7 is less than 2 quarters, all of questions 
                     8.8.1, 8.8.2 and 8.8.3 above must be answered. 
-----------------  ------------------------------------------------------------------- 
 

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

   2        This statement gives a true and fair view of the matters disclosed. 
   Date:                29 July 2021............................................................... 

Authorised by: By the Audit and Risk Committee...............................

(Name of body or officer authorising release - see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

About Danakali

Danakali Limited (ASX: DNK, LSE: DNK) (Danakali, or the Company) is an ASX- and LSE-listed potash company focused on the development of the Colluli Sulphate of Potash Project (Colluli or the Project). The Project is 100% 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 located in the Danakil Depression region of Eritrea, East Africa, and is 75km from the Red Sea coast, making it one of the most accessible potash deposits globally. Mineralisation within the Colluli resource commences at just 16m, making it the world's shallowest known potash deposit. The resource is amenable to open cut mining, which allows higher overall resource recovery to be achieved, is generally safer than underground mining, and is highly advantageous for modular growth.

The Company has completed a Front End Engineering Design (FEED) for the production of potassium sulphate, otherwise known as Sulphate of Potash or SOP. SOP is a chloride free, specialty fertiliser which carries a substantial price premium relative to the more common potash type; potassium chloride (or MOP). Economic resources for production of SOP are geologically scarce. The unique composition of the Colluli resource favours low energy input, high potassium yield conversion to SOP using commercially proven technology. One of the key advantages of the resource is that the salts are present in solid form (in contrast with production of SOP from brines) which reduces infrastructure costs and substantially reduces the time required to achieve full production capacity.

The resource is favourably positioned to supply the world's fastest growing markets. A binding take-or-pay offtake agreement has been confirmed with EuroChem Trading GmbH (EuroChem) for up to 100% (minimum 87%) of Colluli Module I SOP production.

Development Finance Institutions, Africa Finance Corporation (AFC) and African Export Import Bank (Afreximbank), have obtained formal credit approval to provide CMSC with US$200M in senior debt finance. The credit documentation was executed in December 2019, allowing drawdown of CMSC senior debt on satisfaction of customary conditions precedent. This represents the majority of funding required for the development and construction of the Colluli.

Project execution has commenced and the Company's vision is to bring Colluli into production using the principles of risk management, resource utilisation and modularity, using the starting module (Module I) as a growth platform to develop the resource to its full potential.

Competent Persons Statement (Sulphate of Potash and Kieserite Mineral Resource)

Colluli has a JORC-2012 compliant Measured, Indicated and Inferred Mineral Resource estimate of 1,289Mt @11% K2O Equiv. and 7% Kieserite. The Mineral Resource contains 303Mt @ 11% K2O Equiv. and 6% Kieserite of Measured Resource, 951Mt @ 11% K2O Equiv. and 7% Kieserite of Indicated Resource and 35Mt @ 10% K2O Equiv. and 9% Kieserite of Inferred Resource.

The information relating to the Colluli Mineral Resource estimate is extracted from the report entitled "Colluli Review Delivers Mineral Resource Estimate of 1.289Bt" disclosed on 25 February 2015 and the report entitled "In excess of 85 million tonnes of Kieserite defined within Colluli Project Resource adds to multi agri-commodity potential" disclosed on 15 August 2016, which are available to view at www.danakali.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Competent Persons Statement (Sulphate of Potash Ore Reserve)

Colluli Proved and Probable Ore Reserve is reported according to the JORC Code and estimated at 1,100Mt @ 10.5% K2O Equiv. The Ore Reserve is classified as 285Mt @ 11.3% K2O Equiv. Proved and 815Mt @ 10.3% K2O Equiv. Probable. The Colluli SOP Mineral Resource includes those Mineral Resources modified to produce the Colluli SOP Ore Reserves.

The information relating to the January 2018 Colluli Ore Reserve is extracted from the report entitled "Colluli Ore Reserve update" disclosed on 19 February 2018 and is available to view at www.danakali.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Competent Persons Statement (Rock Salt Mineral Resource)

Colluli has a JORC-2012 compliant Measured, Indicated and Inferred Mineral Resource estimate of 347Mt @ 96.9% NaCl. The Mineral Resource estimate contains 28Mt @ 97.2% NaCl of Measured Resource, 180Mt @ 96.6% NaCl of Indicated Resource and 139Mt @ 97.2% NaCl of Inferred Resource.

The information relating to the Colluli Rock Salt Mineral Resource estimate is extracted from the report entitled "+300M Tonne Rock Salt Mineral Resource Estimate Completed for Colluli" disclosed on 23 September 2015 and is available to view at www.danakali.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

AMC Consultants Pty Ltd (AMC) independence

In reporting the Mineral Resources and Ore Reserves referred to in this public release, AMC acted as an independent party, has no interest in the outcomes of Colluli and has no business relationship with Danakali other than undertaking those individual technical consulting assignments as engaged, and being paid according to standard per diem rates with reimbursement for out-of-pocket expenses. Therefore, AMC and the Competent Persons believe that there is no conflict of interest in undertaking the assignments which are the subject of the statements.

Quality control and quality assurance

Danakali exploration programs follow standard operating and quality assurance procedures to ensure that all sampling techniques and sample results meet international reporting standards. Drill holes are located using GPS coordinates using WGS84 Datum, all mineralisation intervals are downhole and are true width intervals.

The samples are derived from HQ diamond drill core, which in the case of carnallite ores, are sealed in heat-sealed plastic tubing immediately as it is drilled to preserve the sample. Significant sample intervals are dry quarter cut using a diamond saw and then resealed and double bagged for transport to the laboratory.

Halite blanks and duplicate samples are submitted with each hole. Chemical analyses were conducted by Kali-Umwelttechnik GmBH, Sondershausen, Germany, utilising flame emission spectrometry, atomic absorption spectroscopy and ion chromatography. Kali-Umwelttechnik (KUTEC) has extensive experience in analysis of salt rock and brine samples and is certified according by DIN EN ISO/IEC 17025 by the Deutsche Akkreditierungsstelle GmbH (DAR). The laboratory follows standard procedures for the analysis of potash salt rocks chemical analysis (K+, Na+, Mg2+, Ca2+, Cl , SO42-, H2O) and X-ray diffraction (XRD) analysis of the same samples as for chemical analysis to determine a qualitative mineral composition, which combined with the chemical analysis gives a quantitative mineral composition.

Forward looking statements and disclaimer

The information in this document is published to inform you about Danakali and its activities. Danakali has endeavoured to ensure that the information enclosed is accurate at the time of release, and that it accurately reflects the Company's intentions. All statements in this document, other than statements of historical facts, that address future production, project development, reserve or resource potential, exploration drilling, exploitation activities, corporate transactions and events or developments that the Company expects to occur, are forward looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include market prices of potash and, exploitation and exploration successes, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, as well as those factors disclosed in the Company's filed documents.

There can be no assurance that the development of Colluli will proceed as planned. Accordingly, readers should not place undue reliance on forward looking information. Mineral Resources and Ore Reserves have been reported according to the JORC Code, 2012 Edition. To the extent permitted by law, the Company accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this document. Recipients should make their own enquiries in relation to any investment decisions.

Mineral Resource, Ore Reserve, production target, forecast financial information and financial assumptions made in this announcement are consistent with assumptions detailed in the Company's ASX announcements dated 25 February 2015, 23 September 2015, 15 August 2016, 1 February 2017, 29 January 2018, and 19 February 2018 which continue to apply and have not materially changed. The Company is not aware of any new information or data that materially affects assumptions made.

No representation or warranty, express or implied, is or will be made by or on behalf of the Company, and no responsibility or liability is or will be accepted by the Company or its affiliates, as to the accuracy, completeness or verification of the information set out in this announcement, and nothing contained in this announcement is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or the future. The Company and each of its affiliates accordingly disclaims, to the fullest extent permitted by law, all and any liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this announcement or any such statement.

The distribution of this announcement outside the United Kingdom may be restricted by law and therefore any persons outside the United Kingdom into whose possession this announcement comes should inform themselves about and observe any such restrictions in connection with the distribution of this announcement. Any failure to comply with such restrictions may constitute a violation of the securities laws of any jurisdiction outside the United Kingdom.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEADXPASXFEFA

(END) Dow Jones Newswires

July 29, 2021 02:00 ET (06:00 GMT)

Danakali (LSE:DNK)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Danakali Charts.
Danakali (LSE:DNK)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Danakali Charts.