South African investors are going to play a big role in financing a 2-million-tonnes-a-year potash mine in Congo Republic as Australia’s Kore Potash nears the end of a bankable feasibility study into the project that could cost between $1.8bn and $2bn. Kore is listing on the JSE on Thursday, bringing local institutions a unique opportunity to invest in a pure-play fertiliser business at the bottom of the potash price cycle. The initial public offering will raise R156m towards completing the study, due in July 2018. The listing will be a secondary listing, with Kore also listing on London’s Alternative Investment Market, giving it a third listing including its presence on the Sydney bourse. London and SA will be key to raising $600m or more of equity towards the project, said Kore chairman David Hathorn, the former CEO of FTSE 100-listed Mondi Group, a paper and packaging company. He said he used the contacts built up during his tenure of dual-listed Mondi to secure meetings with pot...
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