Salt Lake Potash Limited (ASX: SO4) is happy to announce the appointment of Tony Swiericzuk as Managing Director and Chief Executive Officer (CEO) of the company. He will lead the chair from 5 November 2018. By profession, Mr. Swiericzuk is a Mining Engineer. He has outstanding credentials in mining projects as a builder and operator. He was the General Manager of the Christmas Creek Mine from 2012 to 2017. He also supervised in fields of construction, commissioning and ramp-up of this project from 15Mtpa to 60Mtpa within a span of 2 years after he held the position of general manager. Under his supervision, FMG became the world’s lowest cost iron ore producer in the world. In his initial years at FMG, Mr. Swiericzuk managed the ramp up from 20Mtpa to 60Mtpa when he was working as General Manager Port Operations in Port Hedland from 2009 to 2011. He is a qualified Data Mining Engineer from The University of Queensland and MBA from Deakin University and graduates from the Australian Institute of Company Directors. Within a span of 25 years of his career, he has a diversified background of construction, operations, and logistics in regions of mining, steelwork and port industries. After joining as CEO, his first target will be to develop Australia’s first SOP business.
The overall stock performance of the company was -87.78% since its inception. The one year, 5 years and 10 years performance of the company is 17.39%, -46.40% and -80.31%. For the year ended 30 June 2018, the net loss made by the company is $11,327,108. The total asset of the company is $8,748,799 and total liabilities worth $1,728,810. This represents that the company has a strong potential to clear its long-term obligations. Also, the total current asset is $5,936,719 and the total current liabilities worth $1,689,818. This represents that the company is capable of paying short-term liabilities. The total shareholder's equity is worth $7,019,989. The net cash outflow from the operating activities was $9,546,262 where the major outflow was due to the payments made to the suppliers and the employees worth $10,275,823. There was a payment made for the property, plant, and equipment as a result of which the net cash outflow from the investing activities was $256,890. The company made a lease payment worth $11,829 and transaction cost from the issue of shares worth $84,161. As a result, the net cash outflow from the financing activities to be $84,161. The company also experienced a net fall in the cash and cash equivalent worth $9,887,313. As at 30 June 2018, the company had cash and cash equivalent of $5,709,446.SO4’s shares traded at A$0.560 with a market capitalization of circa A$94.53 million as on October 22, 2018 (AEST 4.00 PM). The moving average convergence and the divergence line (MACD line) has cut the signal line from below on 18 October 2018 and is moving in the upward direction representing a price to be bullish in nature.
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