TIDMSO4
RNS Number : 9776D
Salt Lake Potash Limited
25 February 2020
25 February 2020 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
COMPLETION OF STAGE 2 ON-LAKE CONSTRUCTION
Salt Lake Potash Limited ( SO4 or the Company ) is pleased to
announce the completion of construction of the Stage 2 evaporation
ponds and trench network at its Lake Way SOP Project in Wiluna,
Western Australia. This is a significant construction milestone and
represents a further significant de-risking of the project.
Construction progress continues to track in-line with the project
schedule.
HIGHLIGHTS
-- The Company has now completed construction of 400ha of
evaporation ponds and 35km of brine abstraction trenches.
-- Stage 2 includes 275ha of brine evaporation ponds which will
provide feed salts to the process plant in 2021.
-- Focus has now shifted to construction of the process plant as
well as other non-process infrastructure, where ground clearing and
early stage civil activity has commenced.
-- The Project remains on-track to commence plant commissioning
in December 2020, with first SOP sales in the March'21 quarter.
TONY SWIERICZUK, Chief Executive Officer
"The rapid delivery of the Lake Way SOP Project continues.
Completion of the Stage 2 ponds, ahead of schedule and on budget,
means the Company now has the infrastructure in place to supply
harvest salts to the process plant in 2021. As these key milestones
are completed the project continues to be significantly de-risked
with expected first SOP production now just 10 months away"
sTAGE 2 COMPLETED & cOMMISSIONED
The Stage 2 pond network, comprising of 275ha of evaporation
pond area and 35km of brine extraction trenches has been completed
and is being commissioned. The commissioning process has seen in
excess of 600ML of brine pumped into the Stage 2 ponds.
The completed Stage 1 & 2 ponds now span 400ha. In addition
to the ponds, 35km of trenches have now been completed. The
draining of high-grade (25kg/m(3) SOP) brine from the Williamson
Pit is also nearing completion.
Following completion of Stage 2, the construction team has
shifted focus to the process plant and village where clearing and
early civil work has commenced.
project remains on schedule and budget
January and February 2020 has seen various inclement weather
events at Lake Way, which are typical for this time of the year.
These events have not materially impacted our construction
activities or project timeline, and our ponds are operating in
accordance with design.
SO4 is using a staged approach to pond construction that aligns
with the process plant ramp-up schedule and steady-state production
requirements, enabling some initial capital expenditure to be
deferred for a period of up to 12 months. Stage 3 on-lake work
expected to commence in Q4'20.
As part of financing ongoing operations the Company has drawn
down US$45m from the Taurus Stage 1 facility, ahead of expected
finalisation of Project funding in the coming months.
Vesting of Performance Rights
Following completion of the Stage 2 evaporation ponds and brine
extraction trenches, the Board has resolved that the relevant
trench and pond milestone has been satisfied and approximately 4.2m
performance rights have vested.
For further information or to view a full version of this
announcement, please visit www.so4.com.au or contact:
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Richard Tonthat / Seamus Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Fricker
Derrick Lee / Peter Lynch Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
This announcement has been authorised for release by the Board
of Directors.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Appendix A - Competent Person Statement and Disclaimer
Competent Persons Statement
The information in this announcement that relates to Exploration
Results and Mineral Resources for Lake Way is extracted from the
announcement entitled 'Outstanding Bankable Feasibility Results for
Lake Way' dated 11 October 2019. This announcement is available to
view on www.so4.com.au. The information in the original ASX
Announcement that related to Exploration Results and Mineral
Resources was based on, and fairly represents, information compiled
by Mr Ben Jeuken, who is a member of the Australasian Institute of
Mining and Metallurgy and a member of the International Association
of Hydrogeologists. Mr Jeuken is employed by Groundwater Science
Pty Ltd, an independent consulting company. Mr Jeuken has
sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity, which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Salt Lake Potash Limited confirms that it is not aware
of any new information or data that materially affects the
information included in the original market announcement. Salt Lake
Potash Limited confirms that the form and context in which the
Competent Person's findings are presented have not been materially
modified from the original market announcement.
Forward Looking Statements
This announcement may include forward-looking statements. These
forward-looking statements are based on Salt Lake Potash Limited's
expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Salt Lake
Potash Limited, which could cause actual results to differ
materially from such statements. Salt Lake Potash Limited makes no
undertaking to subsequently update or revise the forward-looking
statements made in this announcement, to reflect the circumstances
or events after the date of that announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
February 25, 2020 02:00 ET (07:00 GMT)
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