Dehai News -- Danakali Limited: Resignation of CFO

Danakali Limited

Resignation of CFO

RNS Number : 1905V

Danakali Limited

13 April 2021

Announcement

Tuesday 13 April, 2021

Resignation of CFO

Danakali Limited (ASX: DNK, LSE: DNK, Danakali or the Company) advises that the Chief Financial Officer, Mr Stuart Tarrant, has resigned and will pursue another career opportunity. The current Head of Finance, Greg MacPherson will take on the majority of Stuart's responsibilities with the balance being assumed by the Executive Chairman and existing external accounting support at Bellatrix Corporate.

Mr Tarrant became CFO in June 2017 and led the process to obtain US$200M of senior secured debt for the Colluli Potash Project in Eritrea (Facility) from Africa Finance Corporation and African Export Import Bank. Drawdown of the Facility remains subject to satisfaction of customary conditions precedent, which are well progressed. The Company and Mr Tarrant believe it is an appropriate time for the change.

Seamus Cornelius, Executive Chairman comment:

"Stuart made a valuable contribution to Danakali particularly in regard to the senior secured debt. I wish him every success in his next role and am looking forward to working closely with our Head of Finance, Greg MacPherson. Our mission is to develop Colluli as quickly and safely as possible and I am sure that our small, focussed and highly motivated team will succeed in that mission with the support of our shareholders, Eritrean National Mining Corporation (ENAMCO), senior lenders and other key stakeholders.

As we develop Colluli, I expect the overwhelming majority of new hires will be made in consultation with ENAMCO and work for the Colluli Mining Share Company which is the joint venture owner and operator of Colluli."

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