Salt Lake Potash intends to become Australia’s first producer of sulphate of potash. Image: Salt Lake Potash.
BY CAMERON DRUMMOND
WA-based miner Salt Lake Potash has raised $17.6 million for the development of a pilot plant at its Goldfields Salt Lakes project near Laverton, WA.
Commitments were made by UK and Australian investors to subscribe for 41 million ordinary shares at 43 cents per share, representing a n 11.9 per cent discount to the 20-day weighted average price.
Salt Lake said the funds would be used for the planning and initial construction costs of the plant, as well as ongoing resource investigation, testwork and other associated studies.
“We are very pleased to have successfully put in place the next stage of funding for our exciting sulphate of potash projects in Australia, where we are working very hard to become the first producer in a sector with outstanding potential,” Salt Lake chief executive Matt Syme said.
“The excellent support we have received from our shareholders and advisers in the UK and Australia is a great help in our pursuit of that goal and we look forward to continued success together.”
The pilot plant will have throughput of between 20,000 tonnes per annum (tpa) and 40,000tpa processing only brine feed drawn from the near surface.
Salt Lake has tenements totalling more than 4750 square kilometres across nine salt lakes in the Northern Goldfields region, including its flagship Lake Wells project.