Record subsidiary agrees funding for Kore Potash's Kola Project

(Sharecast News) - Record announced on Wednesday that its Record Asset Management subsidiary, through joint venture OWI-RAMS with One World Impact Partners, has signed non-binding term sheets to provide the full $2.2bn funding required for the development of the Kola Potash Project in the Republic of Congo. The London-listed firm said the agreement with AIM-traded Kore Potash, which holds a 97% stake in the Kola and Dougou Extension Potash Projects, was a significant step toward unlocking one of the world's largest undeveloped potash deposits.

It said the funding package was expected to support the project's construction and contribute to global food security while driving economic growth in the region.

OWI-RAMS targets investments that support food system resilience and the energy transition.

Its mandate includes providing capital across the risk spectrum, from equity and structured financing to senior and whole-loan facilities.

The Kola project, located in the Sintoukola Basin, was seen as strategically important in enhancing potash supply amid increasing global demand for agricultural inputs. The signed term sheets remain non-binding, with further steps to follow before financial close.

At 1038 BST, shares in Record were up 0.36% at 55p.

Reporting by Josh White for Sharecast.com.