Australia's Salt Lake Potash appoints KPMG as administrator

Salt Lake Potash

20/10/2021 07:48

Oct 20 (Reuters) - Australian potash explorer Salt Lake
Potash  SO4.AX  said on Wednesday it appointed KPMG
Restructuring as administrator, after nearly three months of
trading suspension.
    In a separate statement, it said KordaMentha was appointed
as receivers and managers, who is now in control of the group's
assets, undertakings and operations. 
    Salt Lake Potash said KordaMentha was conducting an urgent
assessment of its financial position and would start a process
in coming weeks to market the company and its assets for sale
and recapitalisation opportunities.  
    The appointment of the administrators comes amid discussions
between the company, its secured creditors and other key
stakeholders, Salt Lake Potash said. 
    Earlier this year, global miner BHP group  BHP.AX  had
announced plans for its Jansen potash project, which is expected
to cost $5.7 billion in the first phase, offering a route to
growth in new "future-facing commodities".  urn:newsml:reuters.com:*:nL4N2PO1OC   

 (Reporting by Indranil Sarkar in Bengaluru; Editing by
Subhranshu Sahu)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
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