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Australian Potash signs offtake agreement with Migao International

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World Fertilizer,

Australian Potash has signed a binding term sheet with Tier 1 partner Migao International for the supply of 50 000 tpy of K-BriteTM sulfate of potash (SOP) to China from the Lake Wells SOP project (LSOP).

Managing Director and CEO, Matt Shackleton, commented: “We are pleased to announce the second binding term sheet for offtake supply, covering sales and distribution rights to K-Brite in the world’s largest SOP market, China.

“The management teams of both APC and Migao have developed a co-operative and trusting relationship over the course of the LSOP project development, which is reflected in this binding offtake position. From their position as one of China’s largest Mannheim SOP producers, Migao is ideally positioned to distribute the LSOP K-Brite into their long-term supply chain relationships in China.

“Notwithstanding restrictions on movement due to the Covid pandemic, APC continues with its corporate activities, including progressing the offtake programme. Our strategic intention remains to secure the majority of the LSOP output under offtake, with now 70 000 t, or approximately 45% of the targeted output of 150 000 tpy, agreed to.

“We look forward to updating shareholders presently on progress across the offtake programme, permitting & approvals, and project financing.”

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