- Vysarn’s (VYS) subsidiary has won a drilling contract from Australian Potash (APC) for the development of the Lake Wells Sulphate of Potash Project in WA
- Under the contract, Vysarn will drill, install and develop brine and water bores at the project
- The contract will bring in $13 million of revenue for Vysarns
- First production from the project is scheduled for mid-2023
- On the market today, Vysarn is up 4.67 and trading at 11 cents per share and APC is in the grey, trading at 17.5 cents each
Vysarn’s (VYS) subsidiary has won a drilling contract from Australian Potash (APC) for the development of the Lake Wells Sulphate of Potash Project.
The parties have signed a notice of contract for around 13 months. It will commence once the notice to proceed is awarded.
Under the contract, Vysarn will drill, install and develop brine and water bores.
The Lake Wells Sulphate of Potash Project is located in Laverton, approximately 500 kilometres northeast of Kalgoorlie, in Western Australia’s Eastern Goldfields.
Australian Potash is currently finalising pre-development plans for the commencement of construction. First production from the project is scheduled for mid-2023.
The recently completed front end engineering design (FEED) at the project found an optimised bore-field design that included 79 brine bores.
Over the contract, Vysarn is estimating a total revenue of around $13 million.
“Following the release of the FEED summary results we are focused on maintaining the momentum towards development,” APC MCEO Matt Shackleton said.
“Securing drill rigs in the current climate is an important step towards us achieving our mid-2023 targeted production start date,” he added.
On the market today, Vysarn is up 4.67 and trading at 11 cents per share and APC is in the grey, trading at 17.5 cents each at 11:00 am AEST.