Oct. 9, 2019
The Board of Kalium Lakes has approved the full development of its 100% owned Beyondie sulfate of potash project (BSOPP) located 160km south east of Newman in Western Australia.
The decision follows the successful completion of the company’s AUS$72 million capital raise in August in conjunction with the loan facilities to be provided by KfW IPEX-Bank (approximately AUS$102 million) and Northern Australia Infrastructure Facility (AUS$74 million) plus a working capital facility from Westpac Banking Corp. (AUS$15 million).
The final investment decision (FID) allows the acceleration of activities from the current approved early works programme to full-scale construction. As a result, the company will now finalise the remaining key construction contracts.
The company’s Chairman, Mal Randall, commented: “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.
“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. 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.
“On behalf of the Board and everyone who has been involved in striving to deliver this outcome, I express my genuine appreciation to our key shareholders for the unwavering support and genuine commitment to the success of our project,” he said.