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Salt Lake Potash substantial shareholder lifts stake to 11.55%

London-based Lombard Odier Asset Management (Europe) Limited now holds more than 23.833 million shares in the sulphate of potash developer.
Coins in a jar with plant growing from top
The company has started constructing evaporation ponds at the Lake Way project

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) substantial shareholder Lombard Odier Asset Management (Europe) Limited (LOAME) has increased its holding to 11.55% from 8.73%.

The London-based investor increased its stake by acquiring 5.808 million shares in February and March with a total value of more than £1.28 million.

Most of these, more than 5.662 million, were acquired in one transaction on March 4 valued in excess of £1.247 million.

LOAME now holds more than 23.833 million shares in the sulphate of potash (SOP) project developer.

READ: Salt Lake Potash begins constructing Australia’s first commercial on-lake SOP evaporation ponds

This week Salt Lake announced that it was beginning construction of Australia’s first commercial on-lake evaporation ponds at its Lake Way SOP Project near Wiluna in Western Australia.

The first phase of the evaporation ponds will facilitate de-watering of the Lake Way Williamson Pit that contains the highest-grade brine resource in Australia.

Lake Way’s initial ponds will have the capacity to hold 1.2 gigalitres of Williamson Pit brine at an average SOP grade of 25 kilograms per cubic metre for the equivalent of 32,000 tonnes of premium SOP.

READ: Salt Lake Potash to direct share of $12 million cash toward Lake Way in Goldfields

During the December quarter, the company increased cash reserves by 305% to support a resource update and feasibility study work for Lake Way.

The company added A$9.1 million to its cash reserves after an A$13 million capital raising from high-quality investors, including its managing director and CEO Tony Swiericzuk and chairman Ian Middlemas.

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