Salt Lake Potash Limited (LON:SO4) (ASX:SO4) has said it is focused on “rapidly progressing” the development of its Lake Way project in Western Australia as it reported its half-year results.
Over the six months ended 31 December, the company said it had completed a bankable feasibility study for Lake Way which it said demonstrated “outstanding economic returns” for a 20 year sulphate of potash (SOP) operation production 245 kilotons per annum.
Salt Lake added that it has completed both the Stage 1 and Stage 2 evaporation pond networks, an area totalling 400 hectares, and that the project was on track to commence plant commissioning in December 2020 with first SOP sales in the March quarter of 2021.
In the figures for the period, the company reported a pre-tax loss of A$32.1mln compared to a A$5.8mln loss in 2018, it ended the year with cash reserves of A$36.2mln, up from A$19.3mln last year.
Salt Lake shares in London were steady at 20.5p in early deals on Friday.