American Pacific Borates Ltd (ASX:ABR) has been optimising the flow sheet at the flagship Fort Cady Borate Mine in southern California with a view to maximising by-product SOP production.
The company has completed all relevant engineering studies required for the enhanced definitive feasibility study (DFS).
A financial model has been prepared and is in final draft, subject to a detailed review.
ABR expects the enhanced DFS to be completed and released in Aril 2020.
The DFS is targeting an increase in sulphate of potash (SOP) production for Phases 1B, 2 and 3.
$7.1 million raising
In February the company raised $7.1 million through a placement of shares at 40 cents per share to institutional, professional and sophisticated investors.
The placement introduced several new domestic and international institutional and high net worth investors to the share register.
Funds raised will be used towards progressing construction activities at the Fort Cady Borate Mine in California, US.
