Kore Potash PLC on Wednesday confirmed that it complied with listing rules of the Australian Securities Exchange over the engineering, procurement and construction contract for the Kola project.
This comes after the ASX on Tuesday raised questions around this contract.
Kore said it had signed on Tuesday last week the final engineering, procurement and construction contract in Brazzaville in the presence of the Mines Minister Pierre Oba.
The suspension of shares on the ASX and the Johannesburg Stock Exchange was lifted. Trading on the London Stock Exchange’s AIM continued as normal as it was not temporarily suspended before the signing of contract. Late last month, Kore reached an agreement with PowerChina International Group Ltd.
In response to the ‘ASX Aware Letter’, Kore said on Wednesday it considers the contract to be information that a ‘reasonable’ person would expect to have material effect on its share price.
The London-based owner of the Kola and DX potash projects in Republic of Congo said it had spent a considerable amount of effort and time negotiating the contract over an extended period of time.
It said it does not consider the negotiations with PowerChina to have formally completed until Monday last week.
In London, Kore shares were flat at 2.80 pence on Wednesday, They fell 3.2% to 61 rand cents in Johannesburg. In Sydney, the stock ended 5.6% lower at A$0.051 on Wednesday.
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