Colluli Mining Share Company (CMSC) owns exploration tenements spanning over 400km2 within the Danakil Depression in South East Eritrea.
By ASX Release,
South Boulder Mines (ASX:STB) (“South Boulder“) is pleased to announce the incorporation of Colluli Mining Share Company (CMSC”).
South Boulder and the Eritrean National Mining Corporation (“ENAMCO”) each hold a 50 per cent ownership interest in CMSC, which will own and operate the Colluli Potash Project.
The first CMSC Board meeting was completed in Asmara, Eritrea immediately after CMSC’s incorporation. The exploration licence and plant equipment for the Colluli Potash Project will now be transferred into CMSC.
As per the shareholders’ agreement between South Boulder and ENAMCO, the CMSC Board comprises five members, three from South Boulder and two from ENAMCO.
South Boulder Chief Executive Officer and CMSC Board member, Paul Donaldson said:
“The establishment of Colluli Mining Share Company and the first CMSC Board meeting are significant milestones for the Colluli Project. Our focus now is to constructively work towards project financing and development.
“The first crucial step is defining the best development path for the resource and we have made significant progress in this regard over the past six months.
“With the Joint Venture agreement finalized and CMSC established, we can look forward to an exciting year ahead. South Boulder, ENAMCO and the Board of CMSC are focused on working together to ensure Colluli develops to its full potential over time.“
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