Proactive Investors - Run By Investors For Investors

Salt Lake Potash substantial shareholder increases interest to 15.01%

UK-based Lombard Odier Asset Management (Europe) Limited now holds more than 35 million shares.
Upward graph
The company is undertaking a bankable feasibility study for the Lake Way SOP Project

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) substantial shareholder Lombard Odier Asset Management (Europe) Limited (LOAME) has increased its interest in the sulphate of potash (SOP) developer to 15.01%.

LOAME now holds more than 35 million shares in the company on the ASX after a series of purchases in May and June increased the interest from 11.55%.

The London-based investor has purchased 11.214 million shares purchased in five transactions with a total value of more than £3.334 million.

Shares at high levels

Shares are trading at A$0.76 after reaching a 12-month high of $A0.83 last Friday.

READ: Salt Lake Potash completes placement to strategic investors to raise A$20.5 million

Salt Lake has this week completed a placement to strategic investors for gross proceeds of A$20.25 million.

Proceeds will be used to fund ongoing development of the Lake Way SOP Project in Western Australia.

This work includes development of on-lake infrastructure, payment of deposits on certain process plant long-lead items, completion of a bankable feasibility study (BFS) and general working capital.

READ: Salt Lake Potash begins BFS after Lake Way Potash scoping study shows commercial viability

Having completed a scoping study for a commercial scale 200,000 tonnes per annum SOP development, Salt Lake is focused on completing the BFS in quarter-three 2019.

Salt Lake Potash intends for Lake Way to be the first salt lake brine SOP production operation in Australia.

The scoping study was based on a mineral resource estimate amounting to 8.2 million tonnes of SOP calculated using drainable porosity and 73 million tonnes using total porosity.

Results indicate Lake Way would generate strong economic returns due to its low capital intensity bottom quartile operating costs and sustainable mining life.

Advanced discussions for development funding with a debt provider are continuing and the company is moving into front end engineering design, utilising experience gained from construction of the initial evaporation ponds.

View full SO4 profile View Profile

Salt Lake Potash Ltd Timeline

Related Articles

1540886089_DJI_0816_resized.jpg
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month
1557332083_Tungsten.jpg
May 09 2019
Apollo has an attractive land package in France and Spain, including former producing mine
Mina do Barroso
June 07 2019
The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use