Salt Lake Potash Limited (ASX: SO4) today announced to the exchange that it has received all the permits from the Department of Water and Environmental Regulation (DWER) for the Lake Way Ponds at Lake Way. The company has now commenced its construction of the Lake Way Ponds in place with the site support infrastructure.
The company press release to ASX highlighted that The Lake Way Ponds would be the first Commercial Scale on-lake Sulphate of Potash (SOP) evaporation ponds in Australia. The project will enable de-watering of the Lake Way Williamson Pit. The company also highlighted that the Lake Way Williamson Pit contains the highest-grade brine resource in Australia.
The initial ponds will consist of two evaporation ponds (Kainite Harvest Pond and Halite Pond), a 2km long and the 4m deep trench will be constructed running parallel to the ponds which would provide additional brine feed into the pond network, a 1.4km causeway from the Williamson Pit to the Kainite Harvest Pond and associated piping and pumping infrastructure. Knight Piesold leads the design of the evaporation ponds.
The SO4’s press release highlighted the construction method undertaken. The company is following a wet hire and self-perform model for the construction of the Lake Way Ponds. This allows fast track mobilisation and execution of the works. The company has also established support infrastructure on Lake Way, including a crib room and site office.
Brine is richly concentrated salt-water. Brine is among the important sources of common salt, being used as a preservative in the food industry. It is also used as heat transfer media and find its use in cooling of steel (Quenching of steel)
Informing the exchange on the capacity, the company stated that the initial ponds will have the capacity to hold the Measures Resource of 1.2GL of Williamson Pit brine at an average SOP grade of 25kg/m3, containing an equivalent of 32,000 tonnes premium SOP, and that would be capable of capturing the total Williamson Pit Measured Brine Resource.
The construction of the initial Lake Way ponds is slated to be completed by the end of Q2 2019, and the de-watering of the 1.2GL of Williamson Pit brine is planned to commence at the end of Q2 2019.
Mr. Tony Swiericzuk ,Salt Lake Potash’s Chief Executive Officer, commented on the progress made by the company. He believes that the construction is a key milestone for the creation of the new SOP industry within Australia.
The stock has moved up by 5.15%, 13.33%, and 14.61%, in the past six months, three months and, one month respectively.
The shares of SO4 were trading up by 5.882% at A$0.540 on ASX, (At the market close on Wed 06 Mar 19)
Salt Lake Potash Limited’s (ASX: SO4) market capitalization stands at circa $105.20 million. The Stock has noted the 52-week high price of A$0.625 and 52-week low price of A$0.425. The company has an EPS of -0.065 AUD.
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