Kalium Lakes and Ebtec New Agreements for Beyondie SOP Plant
Kalium Lakes Limited (ASX:KLL) has recently announced revised arrangements with design and engineering firm Ebtec GbR (Ebtec) for the company's Sulphate of Potash purification plant (SOP Plant).
Details of the Revised Arrangements
The new arrangements comprise two main areas: a Settlement Arrangement and a Services Agreement. The Settlement Arrangement entails a settlement and release of potential claims related to the existing EPS Services Agreement for the design and engineering of the Company’s SOP Plant. In addition Kalium Lakes will receive supply and ownership of two recently added heat exchangers for the SOP plant. The Settlement Arrangement is a two-way release from any claims regarding the original EPS Services Agreement and involved a payment of approximately EUR €1. 74 million (~A$2. 8 million) from Ebtec to Kalium Lakes.
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The revised incentive arrangement for Ebtec includes placing EUR €250,000 into escrow from KfW Facility A drawdown. This escrowed payment will be payable to Ebtec once the SOP Plant achieves a simplified performance test equivalent to the minimum performance specification outlined in the original EPS Services Agreement.
Additionally, 17,677,493 performance rights will be issued to Ebtec, which are convertible into fully paid ordinary shares in Kalium Lakes once the SOP Plant reaches the specified level of performance output.
Kalium Lakes and Ebtec have also entered into a new Services Agreement to ensure continued technical services both onsite and offsite, as they work to ramp-up production at the Beyondie SOP Mine.
The Outlook for Kalium Lakes
The revised arrangements with Ebtec allow Kalium Lakes to focus on production ramp-up at the Beyondie SOP Mine and achieving nameplate capacity as soon as possible. Commenting on the news, Jason Morin, Kalium Lakes’ Acting CEO said, "With commercial clarity in our relationship with Ebtec, both parties will continue to drive towards that goal. ” Markus Pfänder, Ebtec Managing Partner, added “This agreement builds on our work to date with a defined pathway forward. We remain confident in achieving the SOP Plant’s design performance output. ”
The performance, settlement, and service agreement revisions reached between Kalium Lakes and Ebtec offer clarity to both parties and facilitate continued progress toward efficient and productive operations at the Beyondie SOP Mine.
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