Salt Lake Potash Limited Government Support for Potash Industry Development (3887K)
13 December 2018 - 8:55PM
UK Regulatory
TIDMSO4
RNS Number : 3887K
Salt Lake Potash Limited
13 December 2018
13 December 2018 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
Government Commits to Supporting the Development of Potash Industry
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-- Western Australian State Government has announced a
commitment to assisting the development of the Potash Industry
-- The Government will introduce a significantly reduced rental
rate on a new class of Mining Lease specifically for Brine
Minerals
Salt Lake Potash Limited (Salt Lake Potash or the Company)
welcomes the Western Australian State Government's (the Government)
initiative in committing to assist in the development of the potash
industry in Western Australia.
In its first act of support, the Government will introduce a new
rental rate for potash projects which will reduce the existing rate
of Mining Leases from $18.70 per hectare to $2.32 per hectare in
the first five years and then $4.64 per hectare thereafter.
This Government initiative in support of the potash industry
comes at an opportune time as Salt Lake Potash accelerates works at
Lake Way including the imminent construction of the Williamson
Ponds and the 'whole of lake' resource program to enable the
consideration of larger scale production scenarios.
The Company believes that the Government's commitment will
further de-risk the development of the potash industry in
Australia.
Salt Lake Potash's Chief Executive Officer, Mr Tony Swiericzuk,
said:
"The commitment by the Government towards the development of the
Potash industry will provide significant benefits as we progress
the Lake Way Project. We look forward to working with the
Government in the development of a new industry in Western
Australia that will create vast opportunities to remote regions
including Wiluna."
Comment from Mines and Petroleum Minister Bill Johnston per the
Government statement:
"These changes will assist the development of a new industry in
Western Australia, and create employment and community development
opportunities, particularly in remote Aboriginal communities.
"Potash projects generally have a mine life that spans 30 to 40
years, so this longevity is a win for local communities and
sustaining jobs."
For further information please visit www.saltlakepotash.com.au
or contact:
Tony Swiericzuk Salt Lake Potash Limited Tel: +61 8 9322 6322
Jo Battershill Salt Lake Potash Limited Tel: +44 (0) 754 036 6000
Colin Aaronson/Richard Tonthat/Ben Roberts Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee/Beth McKiernan Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Jerry Keen/Toby Gibbs Shore Capital (Joint broker) Tel: +44 (0) 20 7468 7967
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END
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