- Salt Lake Potash said its Lake Way project in Western Australia state was expected to cost A$254m ($173m) to develop.

The estimate was given in a bankable feasibility study and included a contingency of A$21m.

The project had 'exceptional economics' with an estimated project post-tax net present value of A$479m and a post-tax internal rate of return of 28%, the company said.

'We are extremely excited to release the Lake Way Project BFS with such outstanding economic results,' chief executive Tom Swiericzuk said.

'Significant work has been undertaken by the company since the Lake Way scoping study which has further strengthened the project fundamentals.'

'The BFS demonstrates the ability to significantly increase the production rate and optimise development capital while maintaining our position as a low cost producer.'

"Salt Lake Potash has completed the first stage of on-lake construction and will continue with progressive development of remaining commercial scale evaporation ponds planned from the fourth quarter of 2019.'

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