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Agrimin files 5 potash exploration license applications in Western Australia

Agrimin Ltd. said Dec. 18 that it lodged five sulfate of potash-prospective exploration license applications over an area of 2,792 square kilometers covering the majority of the Percival Lakes and Lake Auld salt lake system in Western Australia.

The applications expanded the Australian potash explorer's portfolio in Western Australia, which includes the MacKay sulfate of potash project.

Consultations to secure a native title agreement, which enables the grant of the exploration license for the project, dubbed Percival, will be conducted throughout 2019.

Meanwhile, Agrimin reiterated its focus on completing a definitive feasibility study for the MacKay project in 2019, with its current cash set aside to fund the study.

In May, a pre-feasibility study for the MacKay project pegged a posttax net present value, discounted at 8%, of US$453 million, an internal rate of return of 20% and a 4.2-year payback period.