Danakali Secures $50 Million Investment From Africa Finance Corporation

Australia’s Danakali (ASX, LON:DNK) has secured a further $50 million investment from its ally Africa Finance Corporation (AFC), which will allow it to speed up development of its world-class Colluli sulphate of project (SOP) in Eritrea. 

The company has entered into a subscription agreement with AFC for a placement of fully paid ordinary shares to raise the funds needed to begin production of SOP, a premium grade fertilizer, in 2022.

Upon the placement’s completion, AFC will hold 32% of Danakali, granting the company’s rights to nominate up to two directors to Danakali’s board.

(Image by SmallmanA from PixaBay)