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Consent for construction follows the successful completion of a capital raising in August that fetched AU$72 million for the Western Australian project.
The construction consent follows the successful completion of a capital raising in August that fetched AU$72 million in funding for the Western Australia project.
“This 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 in Germany,” said Kalium Chairman Mal Randall.
This newly approved final investment decision will fast track construction activities from the current early works stage to full-scale construction.
“This milestone effectively triggers the use of the company’s financial capacity, to transform our core objective of becoming Australia’s first commercial sulfate of potash producer into reality,” said Randall. “The world-class Beyondie SOP project is now on track to join only a handful of existing primary SOP production facilities that are sparsely found around the world.”
Beyondie’s ore reserves are estimated at 5.14 million tonnes of SOP at 12,400 milligrams per liter of potassium sulfate. An initial mine life for the project has been pegged at 30 to 50 years.
Kalium plans for an initial production tally of 90 kilotonnes per annum (ktpa) of SOP, before ramping up to 180 ktpa of SOP for domestic and international sale.
With Kalium entering the definitive development stage, the company is on track for first production in the latter half of 2020.
“Kalium Lakes looks forward to Australian and New Zealand farmers being able to utilize our SOP towards the end of 2020, with full production capacity being achieved in 2021,” Managing Director Brett Hazelton said during a welcoming ceremony at the site on Wednesday (October 2).
SOP is a premium fertilizer that uses key ingredients paramount to plant and crop growth and viability: potassium and sulfur. SOP is used on high-value crops such as fruits, vegetables, tobacco, coffee and nuts, improving yields and building drought resistance.
Shares of Kalium slid 2 percent on Thursday (October 3), to trade at AU$0.49.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.