The company had signed a non-binding agreement to finance the project in April, with the consortium working on a study to trim capex from US$2.1 billion to $1.65 billion and reduce construction time to 40 months.

"The consortium advises that it remains on track, subject to the completion of a successful study, to provide the royalty and debt financing proposal for the full construction cost of Kola to the company in Q2 2022," Kore said this week.

It expected to receive an interim report on the study "within weeks".

Kore said engineering, procurement and construction contract terms were being discussed and it was continuing talks with potential 100% offtake partners.

The company said it had asked the government to extend the Kola land access agreement to allow for the possible relocation of the proposed plant.

Kola is expected to produce 2.2 million tonnes of muriate of potash annually over 33 years.

Elsewhere, Kore is planning to update the geological model for its earlier-stage DX deposit, also in the Republic of the Congo.

Kore's office in Pointe Noire has been temporarily closed while the company assesses risks and further mitigation measures, after advising two of its long-term Congolese consultants had passed away due to COVID-19.

The company had US$12.6 million in cash at September 30.

Its London-listed shares (AIM: KP2) closed up 3.48% yesterday to 1.19p, a gain of more than 30% year-to-date and valuing it about GBP40 million (US$55 million).