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Project funding advances for Mackay potash project

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World Fertilizer,

Agrimin Ltd has announced that project funding for the Mackay potash project continues to advance with the appointment of Advisian, a subsidiary of Worley Limited, as independent technical expert on behalf of financiers.

The definitive feasibility study (DFS) completed in July 2020 demonstrated that the Mackay potash project can be a globally significant producer of sulfate of potash over a 40 year life and at a low forecast total cost of production.

Completion of this independent technical review of the DFS over the coming months will be an important milestone to enable Agrimin to access significant debt finance for development of the Mackay potash project. The Northern Australia Infrastructure Facility (NAIF) has continued to express its interest to provide concessional longer term debt finance for the project.

The independent technical review will include a detailed assessment of all facets of the project as contemplated in the DFS. This review, while critical for external financiers, will also inform the company’s ongoing front end engineering and design and other de-risking activities.

Mark Savich, CEO of Agrimin said: “We are pleased to have potential financiers proceed to technical due diligence on the Mackay potash project with the appointment of an independent technical expert. We are confident the rigorous technical work completed as part of our industry-leading DFS will support a straightforward technical review.

“In particular, we are excited to continue to have the NAIF’s support as a part of this process given it can potentially provide a significant quantum of debt finance for the project and cornerstone our broader funding package.”

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Fertilizer project news Potash Corp news