(Alliance News) - Salt Lake Potash Ltd has signed a native title land agreement for the entirety of its Lake Way fertiliser project, it said on Thursday.
The agreement has been signed with Tarlka Matuwa Piarku Aboriginal Corp. Salt Lake said the deal with have "significant" benefits to the entity as well as the wider community.
It gives Perth, Australia-based Salt Lake certainty over the development of Lake Way, it said, adding it is a "key" milestone for the project, which is located to the north-east of Perth in Western Australia.
For the community, it will provide royalty payments, community support programmes, employment and training, contract opportunities, as well as heritage and land management protection.
"We are excited to enter into this landmark agreement with TMPAC who we have a very strong relationship with. The agreement lays the foundations for the Lake Way project to have a significantly positive impact on the local community through direct employment and business opportunities as well as a project royalty stream," said Salt Lake Chief Executive Tony Swiericzuk.
"We understand the significance of the area's heritage and this is reflected in the agreement ensuring the Lake Way project is able to proceed whilst respecting the heritage and culture of the area. The Lake Way project has the ability to provide on-going benefits for the local community for multiple generations," Swiericzuk added.
Shares were down 1.7% lower on Thursday afternoon in London at 40.30 pence each.
By George Collard; georgecollard@alliancenews.com
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