News: Elemental Minerals substantial shareholder increases stake to 21.48%

Elemental Minerals (ASX:ELM) substantial shareholder Harlequin Investments has increased its stake to 21.48% from 19.42%.

This is due to its participation in placements, rights issue and share purchase plans since 26 May 2015 including the acquisition of $3.28 million worth of shares in the recent $4.98 million private placement.

Harlequin now holds 87,357,287 shares in Elemental.

The private placement priced at $0.20 will progress the company’s Sintoukola potash projects in the Republic of Congo.

The quality and location of the deposits underpin the margins for its deposits with the Sintoukola projects in the lowest cost quartile of potash projects worldwide.

Dougou has estimated EBITDA margin of US$248 per ton while Kola has an estimated margin of US$232 per ton.

This compares to US$171 per ton for Dallol and US$208 per ton for Mag Industries’ (TSX:MAA) Mengo Potash Project.

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