Salt Lake Potash (SO4) on Monday said it signed three binding term sheets for the sale of premium Sulphate of Potash from its Lake Way Project.
Unifert committed to 60,000 tonnes per year in the Middle East and Africa, Indagro committed to 50,000 tonnes per year in North America and Europa, and Fertisur committed to 60,000 tonnes per year in South America.
The project is expected to produce 245,000 tonnes per year of potash, according to its Bankable Feasibility Study released in October.
Salt Lake Potash said that 70% of its planned production has been committed for a five year term when it starts shipping in 2021.
Shares in Salt Lake Potash were trading 3.16% higher at 40.75p on Monday
SO4 CEO Tony Swiericzuk said: "We are delighted to have finalised these offtakes for the sale and distribution of premium SOP product that will be produced at our Lake Way Project.”
He added: “Binding agreements with industry leaders, Unifert, Indagro and Fertisur support SO4's marketing strategy of targeting geographical markets with strong growth in crops that benefit most from SOP fertilisers.”
Salt Lake Potash also said discussions were “substantially advanced” with a “Tier-1 fertiliser group” for the sale of a “material quantity of production” from its Lake Way Project.
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