News: SO4 Australia's Salt Lake Potash appoints KPMG as administrator

Oct 20 (Reuters) - Australian potash explorer Salt Lake Potash (SO4) 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) 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".