https://www.miningweekly.com
Business|Consulting|Financial|PROJECT|Projects|Solar
Business|Consulting|Financial|PROJECT|Projects|Solar
business|consulting-company|financial|project|projects|solar

Another WA potash hopeful folds

8th December 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Australian Potash, which owns Lake Wells sulphate of potash (LSoP) development in Western Australia, has succumbed to financial challenges, leading to the company being placed in the hands of administrators.

This development marks the collapse of a third Western Australia-based potash venture in just over two years. Previously, Salt Lake Potash, which owned the Lake Way project, folded in 2021, and Kalium Lakes’ Beyondie experienced a similar fate in August this year.

“The last two years have been very challenging for the company,” commented nonexecutive chairperson Natalia Streltsova, stating that much focus and effort had gone into finding a funding solution for the LSoP.   

I can assure you that no stone remained unturned in our pursuit of funding for the LSoP development because we believe the project has considerable value for all stakeholders, both economic and social. We still maintain the project information and know-how and will be ready to deploy them should a new opportunity emerge for this project,” said Streltsova.

“More recently, due to strong negativity in the market towards solar evaporation potash projects in Western Australia, we turned our efforts to re-focusing the company on our other existing project opportunities where we believe we have project targets that have the potential to create significant shareholder value.”

Voluntary administrators Hayden White and Daniel Woodhouse of FTI Consulting have been appointed.

The administrators said they intend to pursue a realisation strategy involving a sale of Australian Potash’s business and assets and/or a recapitalisation of the company through a deed of company arrangement.

Edited by Creamer Media Reporter

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024
Implats CEO Nico Muller
Implats expecting phased reduction in group output
29th February 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.146 0.179s - 91pq - 2rq
Subscribe Now