Salt Lake Potash Ltd (LON:SO4, ASX:SO4) said the development of its Lake Way project in Western Australia was 81% complete at the end of 2020 with the first production expected in the fourth quarter of this year.
The update accompanied interim results which saw the company's pretax losses narrow to $1.75mln for the six months to end December 2020 from a restated $32.2mln loss in the year-earlier period.
As at the end of 2020, the group had cash reserves of $97.0mln, enabling it to conduct its current and planned exploration and development activities.
The company's primary focus is the development of the Lake Way project where its long-term plan is to develop an integrated SOP (Sulphate of Potash) operation producing from several Western Australian salt lakes. SOP is a source of low-chloride potassium favoured by growers of chloride intolerant crops. These crops are typically higher value fruit and vegetable crops such avocados, strawberries, citrus and tomatoes.