Circum Minerals Limited is a private company focused on the development of the Danakil Potash Project, one of the world’s largest undeveloped potash resources situated in the Afar Region of northeastern Ethiopia. Through its wholly-owned Ethiopian subsidiary, Circum Minerals Potash Limited, the company holds a 100% interest in a mining licence covering 365 square kilometres.
The founders of the company have an established track record of identifying, funding and developing resource projects in Africa. Circum identified and selected the Danakil Potash Project on the basis of its world-class scale, climate, geology, good location and stable jurisdiction, which offer cost advantages over other global potash deposits.
The Danakil Potash Project is situated on a significant stand-alone deposit with a total NI 43-101 compliant Measured and Indicated Mineral Resources of 2.8 billion tonnes at 18.6% KCl and Inferred Mineral Resources of 2.1 billion tonnes at 17.5% KCl. Internal reports based on a comprehensive seismic survey of the licence area indicate a further (currently non-compliant) estimated potential of the undrilled portions of the Danakil Project of 7 to 9 billion tonnes. This suggests a potential total resource size of between 12 to 14 billion tonnes of potash-bearing salt beds within the mining licence.
The operation is designed to produce 750 000 tonnes of sulphate of potash per year, according to the NI 43-101 compliant Definitive Feasibility Study prepared by the potash engineering consultancy NovoPro Projects Inc. of Canada. The key design principles of the project are the use of low-cost, low-risk solution mining, solar evaporation and an energy-efficient, process-optimised plant. The project’s substantial resources will allow for several decades of production which can be expanded as market conditions allow.
The company has assembled a management team with experience in building mines and creating value for shareholders led by Ian Stalker, a mining executive with many years of experience in this field.