POTASH developer South Boulder Mines was hoping to raise some A$6-million through a share placement and rights issue to fund the completion of its definitive feasibility study for the Colluli potash project, in Eritrea.
South Boulder on Tuesday announced that it would place about 10.97-million shares, at a price of 25c each, to raise an initial A$2.74-million. The placement was made to Hong Kong – and London-based investors.
SOUTH Boulder Mines (ASX:STB) has assembled a world class team with a collective 100 plus years of experience to review the Colluli Pre-Feasibility Study design prior to Definitive Feasibility Study.
The committee will comprise Don Larmour from Global Potash Solutions, David Butts from DSB International, John McEwan from McEwan Chemical Engineering Consulting, and Tom Broderick from Hazen Laboratories.
Colluli Potash Project in Eritrea: It is the world’s shallowest deposit – the only open pit deposit in the world – the world’s closest to the coast (65Km) potash deposit, and – the lowest mining cost in the industry (US$75 per tonne). Under the new estimation, its mine life has now increased from 50 to 200 years
SOUTH Boulder Mines (ASX:STB) is making steady progress at its Colluli Potash Project in Eritrea, where it is conducting economic assessments and project planning that could confirm its potential to process all salts present.
This includes potassium sulphate, a premium potassium fertiliser which currently carries a price premium of approximately $300 per tonne, is ongoing.
At only 70km from sea port and 16m below the surface, the Colluli potash project in Eritrea is the closest to coast, shallowest and the only open cut mining in the world
By Inside Briefing,
The following is an Inside Briefing interview with South Boulder Mines Chief Executive Paul Donaldson. In this interview, Paul Donaldson provides an update on South Boulder Mines (ASX: STB, market capitalisation: ~$25.7m) and its Colluli potash project in Eritrea.