News: Danakali chairman Seamus Ian Cornelius increases stake

Danakali Limited (ASX:DNK) chairman Seamus Ian Cornelius has acquired $16,000 worth of shares through an on market purchase.

His indirect interests bought 50,000 shares in the company, increasing his total holding held directly and indirectly to 6,109,296 shares.

Shares in DNK last traded at $0.34.

Earlier this month, the company discovered potassium rich brines that will assist processing and potentially improve the overall process product yield at its Colluli Potash Project in Eritrea, East Africa.

This follows the company completing successful pilot tests for the sulphate of potash (SOP) production process.

The Colluli Potash Project has a world-class 1.1 billion tonne Ore Reserve Estimate, comprising 287 million tonnes of Proved and 820 million tonnes of Probable Ore Reserve.

Mineralisation starts at just 16 metres, making the resource amenable to open cut mining methods.

Danakali is well-funded with $7.9 million in cash.