Dehai News

( Danakali chairman shows confidence in SOP strategy with on-market purchases

Posted by: Semere Asmelash

Date: Wednesday, 13 May 2020

Danakali chairman shows confidence in SOP strategy with on-market purchases

The company’s Colluli SOP Project is 100%-owned by the Colluli Mining Share Company, a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO).

Jessica Cummins

15:54 Wed 13 May 2020

Danakali Ltd - Danakali non-executive director demonstrates confidence in the company’s east African mining strategy
The Colluli SOP Project in Eritrea is moving closer to construction and production

Danakali Ltd (ASX:DNK) (LON:DNK) non-executive chairman Seamus Cornelius has demonstrated confidence in the company's SOP strategy with a series of on-market share purchases this month.

Cornelius acquired 50,000 shares worth more than A$18,800 on May 11 and 12, increasing his direct holding to more than 5.004 million shares with almost 5.5 million also held in two indirect interests.

These on-market purchases follow the purchase of 44,603 shares worth almost A$16,500 in the direct interest on May 1 and 4.

Added value to board

The company recently added two Africa Finance Corporation (AFC) nominees to its board of directors following AFC’s US$50 million strategic equity investment.

AFC’s president and CEO Samaila D Zubairu and senior director for Investment Operations & Execution Taiwo Adeniji have joined Danakali’s board as non-executive directors.

This comes at an important time for the company, adding experience to the board and support to the Colluli Sulphate of Potash Project in Eritrea, as it moves closer to construction and production, which is expected to be in 2022.

As part of its strategic investment in Danakali and overall funding package for development and construction of Colluli, AFC was granted the right to nominate up to two directors to the board.

Danakali’s chief executive officer Niels Wage said: “We are pleased to welcome Samaila and Taiwo, whose diverse background and developmental focus will add further value to the board.”

Danakali Ltd chairman shows confidence in SOP strategy with ...

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