Danakali's (ASX:DNK) non-executive chairman, Seamus Cornelius, has further increased his stake in the company through an on-market purchase.
Cornelius purchased 100,000 shares for $27,000, or $0.27 a share, and now has a direct / indirect stake of circa 6.3 million shares and several lines of unlisted options.
Broker Hartleys recently placed a 12-month target of $0.64 on Danakali.
DFS results
Danakali revealed Definitive Feasibility Study (DFS) results for the Colluli potash project in Eritrea at the end of November, which improved the proposed mine’s already attractive investment profile.
This included a 30% reduction in initial development capital requirements to US$298 million.
SOP is a high-quality potash fertiliser which represents Colluli’s primary output stream and carries a price premium due to its practicality in low-rainfall regions.
Colluli is located at the epicentre of booming population growth in Africa and Asia, while also lying close to traditional Middle Eastern and European markets.
Colluli is a 50/50 joint venture between Danakali and the Eritrean National Mining Company (ENAMCO).
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