(Alliance News) - Salt Lake Potash Ltd on Wednesday said it has signed a binding term sheet with Helm AG for the sale of premium sulphate of potash from the Lake Way project.
Helm is the German-based chemical and fertiliser company. The Lake Way project is located to the north east of Perth in Western Australia.
Under the deal, Salt Lake Potash said a volume commitment stands at 50,000 tonnes per annum for 10 years.
"It is an outstanding achievement for Salt Lake Potash to secure such a world class partner in Helm for the sale and distribution of premium sulphate of potash product that will be produced at our Lake Way project," said Chief Executive Tony Swiericzuk.
He added: "This brings our committed sales to 220,000 tonnes per annum, representing 90% of the total planned production from Lake Way. This is a key milestone for Salt Lake Potash and supports our funding and development strategy for the Lake Way project."
Salt Lake Potash shares were trading 1.7% lower in London on Wednesday at 37.35 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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