SO4.L Share News (SO4)

(Sharecast News) - Salt Lake Potash updated the market on procurement at the Lake Way Project on Thursday, with all major long-lead items for the process plant and non-process infrastructure tracking in line with, or ahead of, the project schedule.
The AIM-traded firm said the project was now over 90% procured, with all key vendor contracts executed, adding that there were no known impacts to the schedule from the Covid-19 pandemic.

It said the largest procurement package - the process plant crystalliser - began its journey to Australia at the end of June, and was expected to arrive at the port of Fremantle in late July, several weeks ahead of schedule.

Other major plant components, including centrifuges, attritioners, floatation cells, sizing screens, thickeners, rotary drier, impact crushers, lump breakers and conveyor belts, had all been ordered.

Over the coming weeks, Salt Lake Potash said structural steel would start being erected on site, and a number of key plant components would arrive.

The project remained on track for the first sulphate of potash sales in the March 2021 quarter.

"During the June quarter our procurement and engineering teams have been busy finalising contracts with suppliers and completing detailed engineering of the plant and non process infrastructure," said chief executive officer Tony Swiericzuk.

"So far we have seen no impact to the project schedule from Covid-19 as we push towards first production in the March quarter of next year."

At 0918 BST, shares in Salt Lake Potash were up 6.45% at 33p.