Sulphate of potash miner Kalium Lakes has entered into administration, appointing Rob Brauer, Jason Preston and Rob Kirman as receivers and managers.
The three receivers has assume control of the Kalium Lakes operations which are set to continue on while an assessment of sale or recapitalisation options is undertaken.
Cheryl Edwardes, Brent Smoothly, Simon Wandke, Robert Adam and Salvatore Lancuba resigned from their positions as chairperson and non-executive directors following the announcement.
“The strategic process announced by Kalium Lakes on 14 June 2023 is well progressed with wide interest received,” the company said in a statement.
“The receivers will continue the strategic process and immediately pursue the conclusion of a transaction. Further details will be provided as the strategic process concludes.”
Kalium Lakes delivered the first batch of sulphate of potash (SOP) at its Beyondie project in Western Australia in what was believed to be an Australian first in October 2021.
“Kalium Lakes has delivered another major milestone for the Beyondie SOP Project, producing its first SOP seven years after the company was founded in September 2014,” Kalium Lakes then-chief executive officer Rudolph van Niekerk said at the time.
“It has been a remarkable journey to reach this stage and we thank everyone who has contributed to the success of the project during the past seven years, particularly our long-term shareholders, management team and employees.”
The administrators will write to creditors to advise of the details of the first meeting of creditors which is expected to be held on 15 August 2023.
