- Salt Lake Potash said it had signed a memorandum of understanding with Chinese fertiliser distribution company Sinofert for its Goldfields Salt Lakes project in Australia.

The non-binding agreement set out the basis for a second offtake agreement for the project.

An offtake agreement, if signed, would provide Sinofert with sales and offtake rights for up to 50% of all sulphate of potash production from the project for distribution into China.

The initial term was for eight years, from 1 January 2020.

Salt Lake Potash said it planned to shortly commence initial construction of a demonstration plant producing up to 50,000 tonnes per annum of sulphate of potash.

Subsequent to the demonstration plant, it planned to progressively expand production across a number of lakes.

At 8:05am: (LON:SO4) Salt Lake Potash Limited share price was 0p at 27.5p

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