With more than 7 billion people on the planet, potash, which is used in agricultural fertilisers, is more important than ever to secure global food production.
Australian potash exploration company Reward Minerals (ASX: RWD) has just announced a rights offer to raise just under $5 million. The company's CEO Greg Cochran told Proactive Investors the funds will be used to bring the Lake Disappointment site closer to production.
"We're looking at further pumping tests and resource work and then finally what I call the civil engineering works" says Mr Cochran.
Reward Minerals focuses on the development of potash resources which can be used in the production of potassium sulfate or SOP. SOP is used for high-value crops like fruits and vegetables rather than muriate of potash (MOP) which has high chloride levels and is only tolerated by certain plants .