Salt Lake raises cash for potash pilot
PERTH (miningweekly.com) – Minerals explorer Salt Lake Potash will raise some A$17.6-million to develop its Goldfields Salt Lakes project, in Western Australia.
The company on Tuesday said that it had received firm commitments for institutional and sophisticated investors in the UK and Australia, to subscribe for 41-million new shares, priced at A$0.43c each.
The placement price represented a 10.4% discount to the company’s last closing price on the ASX, and an 11.9% discount to the 20-day volume-weighted average price.
The placement will be conducted in two tranches, with the first 30.7-million shares to be issued under the company’s placement capacity, while the second tranche of 10.3-million shares will be subject to shareholder approval.
The proceeds from the placement will be used for planning and the initial construction costs of a pilot plant at the Goldfields Salt Lakes project, as well as ongoing resource investigation, process testwork, engineering and transport studies, and working capital.
The planned pilot plant will have a capacity of between 20 000 t/y and 40 000 t/y and will process only brine feed drawn from the near-surface resource. The pilot plant will form part of a prefeasibility study into Goldfields Salt Lakes project, and offered an accelerated pathway to production, Salt Lake previously reported.
The pilot plant will operate for between 12 and 24 months and will harvest its first salt in 2018.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...
VISIT SHOWROOM
Occupational health services, mobile clinics, wellness campaigns, aviation.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
