The company is projected to incur initial capital costs of $1.85bn, including an infrastructure cost of $580m.

Sintoukola Potash Project will produce 2Mt of Muriate of Potash annually from a conventional underground mine over a 23-year mine life.

Recent discovery of a high grade (30 to 38% K2O) Hangingwall Seam may further enhance project economics, enabling Elemental to become a near-term, low cost independent potash producer.

Elemental CEO Iain Macpherson said that the pre-feasibility study confirms positive economics and highlights the project’s key competitive advantages of a high-grade orebody suited to conventional mining and processing using proven technologies.

"The scalability and location of the Project reinforces its global significance and the potential for the Congo basin to become a major potash producing region," Macpherson added.