Fertilizer project news

The Northern Australia Infrastructure Facility has advised that the Lake Wells sulfate of potash project has been approved to proceed to due diligence.

Early process plant construction work has now commenced and the project remains on schedule for December 2020 commissioning.

Gensource Potash Corp. is confident that Tugaske will reach a financial close as forecast later this summer, despite the effects of Covid-19 and the associated market upheaval.

In light of the rapid spread of Covid-19 and its significant impact on global financial markets, Tranche 2 of the Africa Finance Corp’s equity funding will be deferred to allow for the stabilisation of market and global conditions.

The two companies signed an offtake agreement for the supply of 20 000 tpy of K-Brite sulfate of potash from the Lake Wells project earlier this month.

The Woodsmith polyhalite project in North Yorkshire, UK, has substantially reduced the number of people on its construction sites.

The company has said the 21-day national lockdown in South Africa does not currently affect the timetable of the Elandsfontein phosphate project.

At 31 December 2019, the company had cash of CAN$7.5 million, a positive working capital of CAN$7.2 million, and no debt.

Progress on finalising the project's feasibility study is continuing.

The appeal hearing against the Elandsfontein project's valid integrated water use licence, which was due to reconvene on 16 March 2020, has been postponed.