London-listed Salt Lake Potash (AIM:SO4) outlined in this morning’s half-year results that it remains focused on rapidly progressing the development of its Lake Way Project in Western Australia.
The Lake Way Project is on-track for commissioning in December 2020 with its first shipment planned in the March quarter of 2021.
For the half-year ended 31 December 2019 SO4 said it ‘rapidly progressed’ at Lake Way through significant exploration activity which included the completion of a bankable feasibility study.
The group said the BFS study demonstrated ‘outstanding economic returns’ for a 20 year sulphate of potash operation production 245 kilotons per annum.
Shares in Salt Lake Potash were trading flat at 20.5p during Friday trading.
Amongst the company’s developments at Lake Way was its completion of both the Stage 1 and Stage 2 evaporation pond network, taking the total operating pond size to 400 hectares.
Over the six month period, the group reported a pre-tax loss of A$32.1m compared to a loss of A$5.8m in the comparative 2018 period.
The group ended the year with cash reserves of $36.2m up from $19.3m last year and net assets of $38.6m up from $14.7m.
As a result, the group told investors that it is in a financial position to conduct its current and planned exploration and development activities.
Salt Lake Potash’s long-term plan is to develop an integrated SOP operation, producing from several of its nine salt lakes.
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