THE BOURSE WHISPERER: Salt Lake Potash (ASX: SO4) announced that project financing for Stage 1 of the company’s Lake Way project is to be funded by Taurus Funds Management.
Salt Lake Potash said Taurus Funds Management is to provide US$150 million project financing for the Lake Way project.
The company said this was an important step in progressing the development and financing of the Lake Way project.
The deal follows recent equity raises totalling $27.65 million and the staged project financing enables the company to complete the Bankable Feasibility Study (BFS), conclude the acquisition of strategic tenements from Blackham Resources (ASX: BLK) and continue early construction works to advance the Lake Way project prior to the drawdown of the main Project Development Facility (PDF).
Salt Lake Potash has made steady progress developing the Lake Way project and has made substantial construction progress over the past few months.
The company claimed the project milestones it has achieved as being healthy for the wider SOP industry in Australia.
These include the completion of the first Commercial Scale on-lake evaporation pond and the commencement of the evaporation process with the dewatering of the super saturated brine from Williamson Pit.
The Stage 1 facility will enable the company to progress works into the second stage of construction being the continued expansion of the extensive on-lake evaporation pond and trench network.
“This is an exciting development for Salt Lake Potash and its stakeholders, providing a clear runway for the company to progress the construction of the Lake Way project,” Salt Lake Potash chief executive officer Tony Swiericzuk said in the company’s announcement to the Australian Securities Exchange.
“Salt Lake Potash is delighted to have entered into this long-term partnership with Taurus and we look forward to working with them through our Bankable Feasibility Study and as we continue the construction at Lake Way.
“Taurus’ commitment is a strong endorsement for the Lake Way project and the exceptional team that has been built.”