Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) thanks chief financial officer Stuart Tarrant for his “valuable contribution” to the company following his resignation.

Tarrant has resigned in order to pursue another career opportunity.

Current head of finance Greg MacPherson will take on the majority of Tarrant’s responsibilities with the balance being assumed by the executive chairman and existing external accounting support at Bellatrix Corporate.

Led secured debt process

Tarrant became CFO in June 2017 and led the process to obtain US$200 million of senior secured debt for the Colluli Potash Project in Eritrea from Africa Finance Corporation and African Export Import Bank.

Drawdown of the facility remains subject to satisfaction of customary conditions precedent, which are well progressed.

Executive chairman Seamus Cornelius said: “Stuart made a valuable contribution to Danakali particularly in regard to the senior secured debt.

“I wish him every success in his next role and am looking forward to working closely with our head of finance Greg MacPherson.”

Focused on SOP project

Danakali is focused on the development of the Colluli Sulphate of Potash Project, which is 100% owned by the Colluli Mining Share Company (CMSC), a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO).

The project is in the Danakil Depression region of Eritrea, East Africa, and is about 75 kilometres from the Red Sea coast, making it one of the most accessible potash deposits globally.

Company mission

Cornelius said: “Our mission is to develop Colluli as quickly and safely as possible and I am sure that our small, focused and highly motivated team will succeed in that mission with the support of our shareholders, ENAMCO, senior lenders and other key stakeholders.

“As we develop Colluli, I expect the overwhelming majority of new hires will be made in consultation with ENAMCO and work for the Colluli Mining Share Company which is the joint venture owner and operator of Colluli.”

Mineralisation within the Colluli resource commences at just 16 metres, making it the world’s shallowest known potash deposit.

The resource is amenable to open cut mining, which allows higher overall resource recovery to be achieved, is generally safer than underground mining, and is highly advantageous for modular growth.

Shares today are up almost 3% to A$0.52 and the company’s market cap is approximately A$159.8 million.

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