GCISalt Lake Potash kick-starts development stages at Lake Way Project
Considered an ideal site for the company’s initial SOP operation, Lake Way stands to offer a range of compelling advantages to ease development and is line with what the firm considers more than sufficient to kick-start operations at the site.
This morning’s final results saw Mr Swiericzuk highlight some “major milestones” for the firm including a technical scoping study alongside the construction of the company’s first commercial scale evaporation pond at Lake Way.
The technical scoping study, undertaken in June this year, was significant in recognising the commercial scale potential at Lake Way, demonstrating exceptional economic returns with a low capital intensity as well as indicating a clear sustainable operating life.
The group also announced that they had acquired Blackham-owned tenements -- a transaction that will provide significant benefits to further support the “rapid progress” towards a first production in late 2020, the company explained.
Additionally, the company announced a mandate with Taurus to provide up to $150 million, a move considered an important step in progressing the development and financing of the Lake Way Project.
SO4 reported that by the end of June this year, the group had cash reserves of $19,304,075 -- the group also reported a 217% increase of net assets compared to the previous year as a result of the company having raised $33.25m over the 12 month period.
The company further explained that its plans to develop Lake Way rapidly, as well as future lakes in their portfolio, remained firm after establishing a solid constructions and operations team as a result of “positive attributes” presented at Lake Way, as well as those offered by potential expansion opportunities.
Going forward, Mr Swiericzuk emphasised the next 12 months as “pivotal” to SO4 with many key work fronts showing rapid progress, including the construction of the process plant at Lake Way as well as finalising the permitting for the project.
Follow News & Updates from Salt Lake Potash here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.