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Kore Potash (LSE:KP2) plc is an advanced stage mineral exploration and development company that is incorporated in the United Kingdom and listed on AIM, ASX and the Johannesburg Stock Exchange (JSE). The primary asset of KP2 is the 97%-owned Sintoukola Potash SA (SPSA) in the Republic of Congo. SPSA has 100% ownership of the Kola Mining Lease within which the Company’s lead project, the Kola Sylvinite Deposit  is located. SPSA also has 100% ownership of the Dougou Mining Lease within which the Dougou Carnallitite Deposit and the Dougou Extension Sylvinite Prospect are situated.

In January 2019, Kore published the results of its efinitive Feasibility Study at the Kola Project which higlighted Kola’s potential  to deliver potash to the key markets in Latin America and Africa at a significantly lower cost than other potash producers over a long timeframe. Highlights of this report can be found here. In June 2019 Kore announced the successful fundraising of US$13.1 million to complete a pre-feasibility study on the DX Project and to progress the first phase of capital optimisation of the Kola Project.


  • David Hathorn (Chairman): ex-CEO of the Mondi Group (until April 2017).
  • Brad Sampson (CEO): >25yrs resources experience building & operating mines especially in West and Southern Africa.
  • Andrey Maruta (CFO): 16yrs CFO at Petropavlovsk Plc.
  • Jonathan Trollip (NED): >30 years of commercial, corporate, transactional, governance and legal experience.
  • David Netherway (NED): Mining engineer with >40yrs experience in the sector.
  • Timothy Keating (NED): Head of Mining Investments PE at State General Reserve Fund, a sovereign wealth fund of the Sultanate of Oman.
  • José Antonio Merino (NED): Currently M & A Director at SQM.


Admin expenses(1.75)(2.32)
(Loss for the year)(4.34)(6.27)
Cash & Cash Equivalents16.466.19
Total Assets157.54156.82
Total Liabilities3.262.21
Net Assets154.29154.61

Peer Group

  • Emmerson (LSE: EML): developping Khemisset potash asset in Morocco
  • Salt Lake Potash (LSE: SO4): Sulphate of Potash (SOP) from salt lakes in Western Australia
  • Harvest Minerals (LSE: HMI): Low cost fertliser producer in Brazil
  • Sirius Minerals (LSE: SXX):Developing the Woodsmith Mine in Yorkshire, targeting the extraction of polyhalite

Major Shareholders

David Hathorn – 2.69%
Brad Sampson – 0.04%

Princess Aurora Company PTE – 18.98%
Sociedad Quimica Y Minera de Chile SA – 17.48%
Australian Register – 15.01%
Harlequin Investments – 12%
Dingyi Group Investments– 8.78%

Macro Indicators

Shard Capital Note (March 2019)
“The fundamental drivers in the potash space remain relevant. The general investment case is well documented, but we reiterate the following key demand drivers.

  • GDP growth – urbanisation and the rise of the middle classes
  • Population growth – The world will need to produce 70% more food by 2050 to feed its growing population
  • Decreasing arable land – crop yields must be maintained or increased
  • Changing dietary patterns – rising income, better (higher calorie) diets, demand for higher quality fruit, veg, meat etc.”

Media Coverage

Shares Magazine (Apr 2018): “Kore Potash to rival Sirius Minerals with ‘world class’ mining project”
“Fans of British mining stock Sirius Minerals (SXX) may be interested in another potash company called Kore Potash (KP2:AIM) which has just listed on the UK stock market. Analysts reckon it has a world class project which is likely to have some of the lowest operating costs in the industry, implying scope to make healthy profit margins if potash prices hold up.”

Broker Coverage

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