KPC extends offer period for Samitola
PERTH (miningweekly.com) – ASX-listed Kazakhstan Potash Corporation (KPC) has extended its $70-million purchase period for the Satimola potash deposit by nine months.
The company in 2015 signed a sale and purchase agreement to acquire Satimola Limited, which holds the Satimola deposit, in the Republic of Kazakhstan, for a purchase price of $70-million, which consisted of a first cash payment of $55-million and two promissory note payments of $7.5-million each.
It was agreed that the two promissory notes payments would be made on the first use of construction finance for the mining project, while the second would be made after the first potash shipments from the Satimola project.
KPC said on Tuesday that the purchase price would remain $70-million if the company completed the proposed acquisition within the next nine months, however, it would increase by $1-million should KPC require an additional three months, by $1.5-million should the company require an additional six months, and by $3-million should the company require an additional nine months to complete the purchase.
KPC has also agreed to pay Satimola the sum of $150 000 a month as working capital.
Furthermore, the two companies have established an operations committee to oversee the preparation of a bankable feasibility study for the Satimola project, at KPC’s expense.
Work on the bankable feasibility study has already started.
The Satimola project is estimated to host a six-billion-tonne resource, grading 15.5% potassium oxide.
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