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Australian Potash signs offtake agreement with Mitsui

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World Fertilizer,

Australian Potash has signed a longform binding agreement with Tier 1 partner Mitsui & Co. (Asia Pacific) Pte. Ltd. (Mitsui) for the supply of 30 000 tpy of K-BriteTM sulfate of potash (SOP) from the Lake Wells SOP project (LSOP).

This is the third agreement executed in the offtake programme and covers the distribution of K-Brite through Asia, excluding China. The company now has agreements in place for 100 000 tpy of offtake across Australia, New Zealand, China and Asia, out of its total expected production of 150 000 tpy.

Other agreements have been completed with Migao International, signed in April 2020, and Redox, signed in March 2020

Managing Director and CEO, Matt Shackleton, commented: “The relationship with Tier 1 Global fertilizer distributor Mitsui & Co. (Asia Pacific), reflected in this long-form binding offtake agreement, opens the Asian ex-China fertilizer markets to the K-Brite and Australian Potash brands.

“Mitsui & Co. are a titan in the world’s major fertilizer, logistics and distribution sectors, and the marketing and distributorship of SOP is integral to their brand presence in Asia. It is enormously gratifying that APC’s K-Brite brand will be traded through the Mitsui network in these lucrative and growing Asian markets.

“We are now working to finalise the last part of the offtake programme, which we expect to update shareholders on shortly. In addition to that, we continue to progress along the approvals pathway, with firm dates now agreed with the EPA, and the financing programme. This quarter will be a very fruitful period for the company’s shareholders and stakeholders and the development of the Lake Wells SOP project.”

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