- Australian Potash (APC) has received approval for a $140 million loan from the Northern Australia Infrastructure Facility (NAIF)
- The 17-year loan is for the development of the Lake Wells Sulphate of Potash (SOP) project near Laverton, Western Australia
- APC says this is the first major step in the financing pathway of the development
- Notably, APC’s new development will support local landowners and community members
- APC is up 6.06 per cent on the market this morning and is trading at 17.5 cents per share
Australian Potash (APC) has received approval for a $140 million loan from the Northern Australia Infrastructure Facility (NAIF).
The NAIF loan is for the development of the Lake Wells Sulphate of Potash (SOP) project near Laverton, Western Australia.
NAIF is a Commonwealth Government $5 billion lending facility to finance projects via the governments of Northern Territory, Queensland and Western Australia.
The facility is for 17 years and is the first major step in the financing pathway of the SOP development.
However, the facility is subject to commercial and project conditions, which include the responsible federal minister’s consideration period and the state notifying NAIF that it agrees to the investment decision.
The Lake Wells SOP Project is positioned as the lowest carbon dioxide emitting SOP project development in Australia, with a hybrid renewable power solution.
“We are very pleased to advise the first major step in financing the development of Lake Wells, with the board of NAIF resolving to support this regionally important project that returns strong social and economic benefits,” CEO Matt Shacketon said.
“We continue to enjoy strong relationships with stakeholders in the local community of Laverton, most importantly with senior traditional owners,” he added.
Notably, APC’s new development will support local landowners and community members, with approximately 30 per cent of contracts awarded to Northern Australian companies and 20 per cent to Indigenous communities.
“We now turn our attention to closing out the balance of the development financing pathway, and to moving into the pre-mobilisation phase for the development of the Lake Wells Sulphate of Potash Project,” he added.
APC is up 6.06 per cent on the market this morning and is trading at 17.5 cents per share at 10:45 pm AEDT.