LONDON: Danakali Limited announced today the new appointments to its Board of Directors, Samaila D. Zubairu, President and CEO, and Taiwo Adeniji, Senior Director for Investment Operations & Execution, of Africa Finance Corporation (AFC).
They are joining the Danakali Board as Non-executive Directors with immediate effect and at an important time, bringing significant experience to the Board and support to the Colluli Sulphate of Potash Project (Colluli or the Project), as it moves closer to construction and production which is currently expected to be in 2022.
As part of its US$50M strategic equity investment in Danakali and overall funding package for development and construction of Colluli, AFC was granted the right to nominate up to two directors to Danakali’s Board. With the receipt of Tranche 1 of AFC’s investment of US$21.5m (A$31.8m) in 2019, Danakali is well funded to complete the current activities and continues its progress according to the EPCM plan.
Chief Executive Officer of Danakali, Niels Wage, said: “We are pleased to welcome Samaila and Taiwo, whose diverse background and developmental focus will add further value to the Board. AFC has been a great supporter of our project, and we look forward to working with them as we progress the development of Colluli and our overall funding strategy.”
President and CEO of AFC, Samaila D. Zubairu, commented: “Taiwo and I look forward to working with Danakali to advance the Colluli potash project in Eritrea. AFC is a long-term and committed investor of both Danakali and indeed Eritrea, and we will help assess the best way forward in taking the Colluli project to its next phase of development. AFC fully recognises that the current market conditions provide significant challenges, yet this is a project for the long term development of Eritrea, and one which Taiwo and I look forward to working closely with our fellow Directors at Danakali to deliver.”