Photo by: Bloomberg
PERTH (miningweekly.com) – The directors of ASX-listed Kalium Lakes has approved the development of the A$250-million Beyondie sulphate of potash (SoP) project, in Western Australia.
“The decision is the most significant in Kalium Lakes' relatively short history and represents the culmination of an enormous amount of unremitting hard work by our close-knit team and key technology partners here in Australia and Germany,” said chairperson Mal Randall.
He noted that the final investment decision effectively triggered the use of the company’s financial capacity, transforming Kalium Lakes into Australia’s first commercial SoP producer.
Beyondie project will produce 150 000 t/y SoP, with the option to incrementally phase the project through a ramp-up from 75 000 t/y to 150 000 t/y to minimise operational and financial risks.
The final investment decision comes after the successful completion of a A$72-million capital raise in August this year, in conjunction with a A$102-million loan facility provided by KfW IPEX-Bank and A$74-million in funding from the Northern Australian Infrastructure Facility, along with A$15-million of working capital from Westpac Banking Corporation.