Agrimin needed money urgently

The Australian company Agrimin has issued 14.5 million new shares to raise the $ 8 million needed to complete a feasibility study for the Mackay Project.

Agrimin calculated reserves and estimated projected resources of its Project from the surface to a depth of 24.7 m. According to its data, sulfate of potash (SOP) reserves are 4.3 million tons, and projected capacity is 18.9 million tons. The average potassium (K) concentration reaches 3.6 mg per 1 litre of brine.

Earlier, Agrimin CEO Mark Savich said that it was planned to build an enterprise that would produce 426 thousand tons of SOP per year for over at least 20 years. The operating cost will amount to $ 200 per tonne of salt.

In his opinion, in the coming years the world market of SOP will undergo serious changes: on the one hand, the demand for it will increase, on the other hand, obsolete enterprises that produce SOP by treating potassium chloride with concentrated sulfuric acid will close.

The Mackay project is planning to extract brine from only the top 3 metres of the salt lake, followed by evaporation in special ponds.