SO4.L Share News (SO4)

(Sharecast News) - Salt Lake Potash announced the completion of civil earthworks at the process plant and non-process infrastructure site at its Lake Way Project on Friday.
The AIM-traded firm said early process plant construction work had now started, confirming that the project remained on schedule for December commissioning.

It said it had implemented plans to minimise potential impact from the Covid-19 coronavirus pandemic on its site operations, and had seen "no material impact" to its suppliers.

The company explained that off-lake civil construction earthworks were now complete, with contractors and equipment demobilising.

Completed work included pad preparation for the construction of the process plant, power plant, warehouse, workshop, administration and site village, as well as construction of the raw water pond, runoff settlement ponds and site access roads.

Salt Lake said it had engaged with its suppliers, and was not aware of any impact from the coronavirus shut-down, adding that it was planning delivery of all key components as per the project schedule.

The firm said it expected to be delivering first revenues in the first quarter of 20201, and noted that, in face of the current economic volatility, sulfate of potash markets had remained "very resilient", with no material changes to the published benchmark indexes.

"The current volatile economic environment, and a relatively unchanged sulfate of potash price, highlights the resilience of the global agricultural sector," said chief executive officer Tony Swiericzuk.

"Our Lake Way Project continues to rapidly progress and remains on time and on budget with the achievement of another significant milestone."

At 1511 BST, shares in Salt Lake Potash were up 22.22% at 22p.