Salt Lake Potash completes earthworks at Lake Way Project
(LSE:SO4 ) has completed civil earthworks at the process plant and non-process infrastructure site at the Lake Way Project in Western Australia.
The dual-listed firm told investors on Friday that early process plant construction had commenced with the project remaining on schedule for commissioning in December 2020.
The completed work spans preparation for the plant’s construction including accommodation, power, raw water storage, runoff settlement ponds and site access roads.
Construction of the Lake Way Village at the process plant site is now 60% complete and will be housing workers from mid April 2020, this morning’s statement detailed.
Shares in Salt Lake Potash were trading 5.56% higher at 19p during Friday morning trading.
The company also noted that it has implemented plans to ‘minimise potential impact’ from the Covid-19 pandemic on its site operations, and has seen no material impact to its suppliers.
“The current volatile economic environment, and a relatively unchanged Sulphate of Potash price, highlights the resilience of the global agricultural sector,” said Tony Swiericzuk, Chief Executive of SO4.
The company noted that potash markets have remained ‘very resilient’, recording no material changes to the published benchmark indexes.
He added, “Our Lake Way Project continues to rapidly progress and remains on time and on budget with the achievement of another significant milestone."
The company said it expects to be delivering its first revenues in the first quarter of 2021.
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