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South Harz bolsters position in German potash sector

22nd May 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australia-headquartered potash firm South Harz on Wednesday announced the completion of the prefeasibility study (PFS) for its flagship Ohmgebirge development in central Germany. Alongside this milestone, the company reported a potential significant future acquisition of a neighbouring mining opportunity, opening avenues for brownfield development.

South Harz has agreed nonbinding key terms for the purchase of the Sollstedt property, including shafts, underground and surface infrastructure, as well as mineral rights.

Existing infrastructure at Sollstedt, including multiple shafts, will facilitate underground access and ventilation for mining of Ohmgebirge, significantly reducing pre-production capital expenditure (capex) relative to a greenfield alternative.

The newly released PFS calculates the capex to be $1.15-billion.

The PFS is based on an initial 19-year mine life, with average muriate of phosphate (MoP) output of 0.93-million tonnes a year at a cash operating cost of $147/t of MoP.

South Harz also declared a maiden Ohmgebirge ore reserve of 83.1-million tonnes at 12.6% K2O, comprising 92% of the PFS mine and process schedule.

“This is a significant day in the relatively short history of South Harz Potash. Agreeing key terms for the acquisition of the neighbouring Sollstedt property has delivered a transformational development pathway for Ohmgebirge, which enables us to truly capitalise on the regional mining and infrastructure context in which the project is located.

“The unique brownfield features incorporated into the Ohmgebirge PFS demonstrate that it is possible to develop and operate a world-class potash mine in Germany, in the heart of Europe, profitably and responsibly in the modern era. The study confirms how common perceptions about the German regulatory and operating environment are misplaced, and why the Thuringia district offers such an enormous opportunity to deliver secure, sustainable potash supply to Europe and beyond,” said the chairperson Len Jubber.

Meanwhile, Jubber has moved from a nonexecutive position to executive chairperson, as part of a transition to a leaner, Perth-based corporate structure.

Luis da Silva, the current MD and CEO, will transition out of the business and leave the company on May 31.

Edited by Creamer Media Reporter

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