Junior sulfate of potash developer Australian Potash Ltd. (APC), Subiaco, Western Australia, said Feb. 2 that Minister of Environment Stephen Dawson has agreed that the development proposal for the Lake Wells Sulfate of Potash Project (LSOP) can proceed.
“Receiving this full environmental approval allows us to now secure the operating licenses and permits to develop the project and proceed to development on making a Final Investment Decision,” said APC Managing Director and CEO Matt Shackleton. “The LSOP is now positioned with environmental approval to develop, and 100 percent of forecast output under binding take-or-pay agreements.”
“Due diligence by lenders, including the Northern Australia Infrastructure Facility, Export Finance Australia and commercial lenders are either complete or nearing completion,” added Shackleton. “We expect to update shareholders on the financing program over the balance of the quarter.”
All offtake for the 150,000 mt/y project is now finalized, with the last component inked with Helm in November for 20,000 mt/y to be marketed in the U.S. (GM Nov. 25, 2020).