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Salt Lake Potash Ltd - Lake Way Project Reaches 60% Completion

RNS Number : 8800Y
Salt Lake Potash Limited
14 September 2020
 

14 September 2020

 

AIM/ASX Code: SO4

 

 

SALT LAKE POTASH LIMITED

 

LAKE WAY PROJECT REACHES 60% COMPLETION

Salt Lake Potash Limited (SO4 or the Company) is pleased to provide an update on its Lake Way Project at Wiluna in Western Australia. The Project remains on schedule to deliver first SOP production in the March quarter of 2021.

HIGHLIGHTS                                                             

§ Total project is now 60% complete on an earned value basis.

§ Major vendor procurement packages over 90% commited with fixed costs.

§ At the process plant site concrete foundations poured by Flanco are more than 80% complete, installation of structural steel supplied by Metro Steel has commenced and first carbon steel tanks have been installed by Proweld.

§ Long lead procurement items have commenced arriving on site including the Veolia crystallisers with associated components and tanks, and transformers from Wilson.

§ Vendor packages currently in transit to site include lump breaker, attritioners, wet screens and centrifuges.

§ All permanent buildings are now on site and installed including the permanent village, construction village, warehouse, workshop, administration, reagents, laboratory, ablutions, crib rooms and 4G communications has been installed across site.

§ Development of On Lake infrastructure continues to progress. Work has commenced on the fourth of six pond trains and 62km of trenches have now been completed.

§ The Paleochannel drilling programme continues with the sixth bore hole now underway. All bores have intercepted basal sands in line with the model prediction.

TONY SWIERICZUK SO4 Chief Executive Officer

"On site activity will be accelerating over the coming weeks as we move into the peak construction phase of the process plant and non-process infrastructure. The SO4 owners team and GRES continue to do an outstanding job driving all workstreams on-schedule with first SOP production due in Q1'21."

 

OFF-LAKE Construction UPDATE

Progress at the process plant and non-process infrastructure site has accelerated in recent weeks. Structural steel has commenced being erected at site. Long lead time items are arriving and being assembled at site. The Veolia crystallisers arrived at the beginning of August, three weeks ahead of schedule. Many other packages are currently enroute to site for installation in Q4 2020.

ON-LAKE UPDATE

On-lake, the Company has commenced construction on the fourth pond train out of a total six. 62km of trenches have been completed, an incremental 14km since the end of the June quarter. The Paleochannel drilling campaign continues with the sixth hole currently being drilled at Pad 14 and all holes intersecting the basal sands in line with model prediction.

 

For further information or to view a full version of this announcement, including site layout and photos, please visit https://www.so4.com.au/asx-announcements/  or contact:

 

Tony Swiericzuk / Richard Knights

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Colin Aaronson / Seamus Fricker

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee / Peter Lynch

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Rupert Fane / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907 8500

This announcement has been authorised for release by the Managing Director, Mr Tony Swiericzuk.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

 

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Price: 30.25

Market: AIM
Market Cap: £177.06 m
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