PERTH (miningweekly.com) – The administrators of ASX-listed Kalium Lakes have been forced back to the drawing board after fellow-listed Agrimin terminated a share sales agreement for the Kalium Lake assets, which included the Beyondie sulphate of potash (SoP) project.
Agrimin in September entered into a share sale agreement with the Kalium Lake administrators subject to several conditions, including a capital raise to fund the transaction.
At the time of announcing the share sale agreement, the administrators noted that Agrimin was planning to transition the Beyondie operation to a period of care and maintenance before targeting a restart of brine field and pond operations in mid-2024, with the intention for a plant restart in the first half of 2025 and expansion thereafter.
The administrators on Wednesday said that following the notice of termination from Agrimin, the receivers were now pursuing a number of alternative options for Kalium Lakes.
Kalium Lakes earlier this year revealed that the company would require additional long-term funding for its Beyondie SoP project over the next two financial years, to achieve its targeted production rate of between 90 000 t/y and 100 000 t/y.
The company had been targeting a 55 000 t/y production rate during the December 2023 quarter, and a yearly production rate of 50 000 t/y to 60 000 t/y for the 2024 financial year.