Construction of the project is now 74% complete, including
- Engineering nearing 100% complete and major procurement more than 98% complete;
- Major items installed over the past month include the SOP leach tank, surge tank, plant feed and waste conveyors, and attritioners;
- SOP and Schoenite crystallisers have been erected and welding work is ongoing; and
- Major items delivered to site in the past month include conveyer equipment, lump breaker, heat exchangers, screens, attritioners, flotation cells, fabricated hoppers and ongoing structural steel.
Feed hopper and surge bin crusher station.
Salt Lake Potash is on the cusp of making the transition from a developer to a producer as it completes the final stages of construction.
The company aims to develop a 245,000 tonnes per year SOP operation.
EBITDA is likely to be A$111 million per year and Lake Way would have one of the lowest operating costs for global SOP producers.
Process plant site beside Goldfields Highway.
The company has delivered the funding package for the project which includes two components:
- A US$138 million (A$203 million) Syndicated Facility Agreement (SFA) with Taurus Mining Finance Fund No2 LP and the Clean Energy Finance Corporation (CEFC); and
- A fully underwritten A$98.5 million placement and accelerated non-renounceable entitlement offer (ANREO) at 50 cents per share completed in September 2020.
In combination, these funds will enable the company to complete the funding and deliver the project on schedule, with first SOP production expected in the March quarter.