Junior sulfate of potash (SOP) producer Australian Potash Ltd. (APC) is putting its Lake Wells SOP project in Western Australia on ice to preserve its inherent value as it weighs the next steps for the project, the company reported on June 13.
The announcement comes as APC turns its focus to the upside of critical minerals, recently closing on a rare earths and lithium tenement that it says will grow its footprint in Western Australia’s emerging West Arunta region.
APS previously reported that it is undertaking a strategic review of the Lake Wells SOP project, which included providing several parties with access to due diligence material to enable them to invest in the development.
APC’s latest statement said this process has yet to deliver any executable proposals, and while third-party discussions on potential funding for the project are continuing, there is no indication at this time that a transaction can be concluded in the near term.
The company had been targeting a projected output of some 150,000 mt/y of SOP at Lake Wells (GM May 25, 2021).