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Edison Investment Research Begins Coverage on South Boulder Mines

South Boulder Mines is a development-stage company focused on developing its Colluli potash project in Eritrea.

South Boulder Mines and Eritrean National Mining Company (ENAMCO) are 50% partners in the Colluli Mining Share Company's (CMSC) world class potash project in Eritrea, for which feasibility and pilot test work is nearing completion. Colluli is a unique resource in that a large portion of it is kainite, a very rare potassium salt that can produce sulphate of potash (SOP) and sulphate of potash magnesia (SOPM) at ambient temperatures. The Colluli resource is also very near surface and all salts are in solid form. This latter point provides for a much smaller and cost-effective (both in terms of opex and capex) mine design. In this note, we review the resource base and market for potash as they relate to the Colluli project.

We await the release of South Boulder's pre-feasibility study and definitive feasibility study technical reports on Colluli before providing a detailed valuation of the company.

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