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Salt Lake Potash ramping up development of Lake Way SOP Project to meet first production in Q1

The company is fully funded to progress the development of the Lake Way SOP Project, targeting first production in the March quarter of 2021.

Salt Lake Potash Ltd - Salt Lake Potash ramping up development of its Lake Way SOP Project to meet first production in Q1
Evaporation ponds trains two and three are now in long-term production with train four soon to be completed

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) is going “gangbusters” with the development of its Lake Way SOP Project in Western Australia, according to chief executive officer Tony Swiericzuk.

He recently told Proactive’s Andrew Scott: “We are 60% completed at the project and that percentage is ticking up every couple of days so there’s lots and lots going on up there.

“Total committed procurement is well over 90%, our concreting on site is also well over 90% and nearing completion and the steel structure is being completed.

“It’s all moving along at a rapid rate of knots and we’re seeing visual progress every day.”

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.

Process plant tank fabrication is nearing completion.

On lake infrastructure

The development of on-lake infrastructure continues to progress with work on the fourth of six pond trains underway and 62.4 kilometres of trenches completed.

Swiericzuk said: “We’ve got the three trains that were built under stage one and stage two now in long-term production.

“We’ve started construction and started filling [the fourth train] there’s brine chasing the constructors down the fairway at the moment.

“Probably December/January is when we’ll look at completing trains five and six in the pond network."

The company is drilling bores on the paleochannel and seeing some good results out of the borefield that might do the heavy lifting - instead of having to build more trenches.

The schoenite and SOP chrysaliser steel structures are almost complete.

Funded for first production in Q1

Swiericzuk said: “We’re on schedule and on budget and as every day goes by the project is being de-risked and that schedule is looking stronger and stronger.

“We’ve recently raised just north of A$200 million or US$138 million and we sat A$98.5 million of equity beside that.

“What that does is that satisfies our sources and uses through to 30 June next year, so somewhat after first production guidance in that March quarter.”

The company has released a new presentation highlighting the progress made. It can be viewed by clicking here.

Quick facts: Salt Lake Potash Ltd

Price: 31.75 GBX

AIM:SO4
Market: AIM
Market Cap: £185.44 m
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'All pistons pumping' at Salt Lake Potash as project development continues...

Salt Lake Potash Ltd's (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) Tony Swiericzuk caught up with Proactive's Andrew Scott for an update on project development. He says development of the Lake Way Sulphate of Potash (SOP) Project in Western Australia is 'flying along' with on-lake and off-lake...

2 days, 3 hours ago

2 min read