- Reward Minerals’ (RWD) Lake Disappointment Sulphate of Potash (SOP) Project awarded ‘Major Project Status’
- Achieving this status is a recognition by the Australian Government of a project’s national significance for economic growth and employment
- Ministers, Christian Porter and Keith Pitt, confirmed the award — claiming the project will support the government’s Ag2030 agenda and boost employment
- Once in production, Lake Disappointment will produce 400,000 tonnes of high-quality, organically certifiable SOP per annum for at least 25 years
- Company shares are up 40 per cent and trading at 14 cents
Reward Minerals’ (RWD) Lake Disappointment Sulphate of Potash (SOP) Project has been awarded ‘Major Project Status’.
If a project is granted Major Project Status, the Australian Government recognises its national significance for economic growth, employment or for regional Australia.
As Lake Disappointment now has Major Project Status, it will receive extra support from the Major Projects Facilitation Agency (MPFA).
Company CEO, Greg Cochran, said achieving this status is an important milestone for the SOP project.
“We are proud to join the select group of projects with this recognition and wish to thank the agency for its thorough and professional approach throughout the assessment process,” Mr Cochran said.
The award was confirmed by the Minister for Industry, Science and Technology, Christian Porter, and the Minister for Resources, Water and Northern Australia, Keith Pitt.
Minister Porter stood by the SOP project and stated it would support the government’s 2030 agenda.
“The Lake Disappointment project will strengthen the security of Australia’s agriculture sector and support the government’s Ag2030 agenda to boost Australia’s agricultural production to $100 billion a year by 2030.”
Similarly, Minister Pitt extended his support for the project as it presents a number of opportunities for the country.
“Importantly, the project will create new opportunities to export potash, and is in an ideal location to supply growing markets in Southeast Asia, India and potentially East Africa. The project will also provide employment opportunities and royalties to the Martu Traditional Owners.”
As outlined in a pre-feasibility study completed in 2018, the Lake Disappointment Project will produce 400,000 tonnes of high-quality organically certifiable SOP per annum for at least 25 years.
Before development can officially commence, Reward Minerals will need to complete final feasibility studies and funding, and receive secondary regulatory approvals.
Company shares were up 40 per cent and trading at 14 cents at 3:29 pm AEST.