Salt Lake Potash (SO4) secured $150 million of project financing from Taurus Funds Management for the Lake Way Project in Western Australia on Monday.
The financing facility provides around 90% of the capital cost estimate that was outlined in the project’s scoping study.
The company told investors that with its stage 1 debt facility, combined with its recent equity fundraise, it is able to complete the Bankable Feasibility Study and complete its acquisition of the strategic tenements from Blackham Resources.
Salt Lake Potash said that it will continue early construction works at the Lake Way project before it has to begin the drawdown of the main $150 million project development facility.
Salt Lake Potash's Chief Executive Office, Tony Swiericzuk, said: "This is an exciting development for Salt Lake Potash and its stakeholders, providing a clear runway for the Company to progress the construction of the Lake Way Project.”
He added: “Taurus' commitment is a strong endorsement for the Lake Way Project and the exceptional team that has been built"
Salt Lake Potash was in discussions with potential financiers since the beginning of the year, having received multiple proposals, but ultimately went with Taurus’s proposal.
Taurus' Chief Investment Officer, Michael Davies, said: "Taurus is pleased to be a part of the development of another important Australian mining project, with a well credentialed management team and Board that will seek to deliver benefits to the local communities and people of Western Australian for many years to come."
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