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Final execution of Lake Way ‘imminent’

Published by , Editor
World Fertilizer,

Salt Lake Potash (SO4) has announced construction of the process plant at its Lake Way Sulfate of Potash (SOP) project in Western Australia has continued to progress during the June quarter with the first SOP production remaining on schedule for the March quarter of 2021.

In a quarterly update for the period ending 30 June 2020, SO4 said both Stage 1 and 2 pond networks at Lake Way are in operation and precipitating harvest salts and brine chemistry, which continues to align with the company’s previously modelled outcomes.

A 277 kg bulk sample of harvest salts was taken from the Stage 1 Kainite Ponds, reporting average potassium grades of 7.5%, above assumed average plant feed in the BFS of 6.8%.

Trench development at Lake Way recommenced in June with the total trench length extended to 48 km by the end of the quarter from 35 km at the end of the March quarter.

At the site, the company completed bulk civil earthworks and commenced pouring concrete foundations during the quarter while procurement advanced significantly with the project now over 90% procured for major packages and key vendor contracts executed.

Shares in SO4 have risen steadily over the past 3 months. SO4 has told investors that it has made “significant progress” in finalising the debt financing which will enable the company to finally complete construction works at Lake Way. It recently announced that execution of the final agreement is imminent.

SO4 has also recently been granted the 'Green' label certification for debt issued to develop Lake Way, confirming the positive environmental contribution of the project’s fertilizer production.

In addition, a technical assessment at the site concluded that a Mannheim process plant of comparable capacity would have 60% higher CO2 emissions than the Lake Way Project.

SO4 has previously noted how investor interest in green investment has grown rapidly over the past decade, with estimates showing the global volume of green debt has grown from less than AUS$5 billion in 2010 to more than AUS$150 billion in 2018.

SO4’s long-term plan at Lake Way is to develop an integrated SOP operation, producing from several of its nine salt lakes.

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