25 March 2014 22:45 [Source: ICIS news]
HOUSTON (ICIS)--Australian fertilizer developer Rum Jungle Resources announced on Tuesday that it has acquired the balance of Reward Minerals's interest in the Karinga Lakes Potash Project.
With the addition of Reward's 15% stake, Rum Jungle's holdings in the project will now be 100%. Rum Jungle is paying $140,000 and 4m ordinary company shares to Reward for its balance in the fertilizer project.
Darwin-based Rum Jungle is focused on developing and operating phosphate and potash projects, specifically in the Northern Territory of Australia. The Karinga Lakes Potash includes six granted licences and one application at the site, which is located between Alice Springs and Uluru.
The company has been focused on investigating the subsurface potassium and magnesium brines in the dry playa lakes, which could be utilised for the production of various fertilizer minerals. Karinga Lakes brine potash resources are estimated at around 8.4m tonnes.
One main advantage of the potash project is that it is strategically located adjacent to highway and rails that will provide access the port of Darwin and proximity to Asian and domestic markets.
If it reaches production status, the project is considered well positioned to fill the potash needs of Australia, which currently imports its necessary volumes of the crop nutrient.
Rum Jungle has previously stated that a pre-feasibility study for the project is expected to be completed by the second half of 2014.
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