Reward Minerals Ltd

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Reward Minerals doubles down on ESG-friendly potash with processing technology and Carnarvon Project

Last updated: 12:25 24 Jul 2024 AEST, First published: 12:12 24 Jul 2024 AEST

Reward Minerals Ltd (ASX:RWD) is going all-in on its newly validated potash processing technology (patent pending) and the Carnarvon Potash Project (CPP), moving to surrender its KP Potash Project except for licence (L45/302).

The retained licence contains the project camp and infrastructure, which will be used in minor environmental remediation of work areas including feasibility study test ponds, trenches and site access tracks.

This divestment will free up RWD’s attention, capital and energy to focus on commercialising its ESG-friendly potash processing technology (PPT) and advancing the Carnarvon Project as a very low-cost sulphate of potash (SOP) asset.

Potential to transform SOP industry

“Since Reward developed its breakthrough potash processing technology and completed an engineering scoping study for the CPP in September 20232, it has become obvious that potash produced from solar seawater salt operation reject brines (bitterns) may achieve the lowest SOP production costs globally,” Reward Minerals CEO Lorry Hughes said.

“Processing methods and logistics are critical components of potash production cost profiles hence we see major advantages using our technology in conjunction with established salt operations and transport infrastructure in coastal areas where better logistics exist.

“If we can demonstrate the successful use of our technology at the CPP it could lead to the adoption of the technology by solar seawater salt operators in Western Australia and change the landscape for SOP production globally.

“Using seawater bitterns which are routinely discarded from long-life solar salt operations is the most ESG-friendly method to recover SOP that exists in seawater.

“If existing operations adopt our technology to recover SOP and also transition to use solar and wind in their energy mix we could see the cost of the highly sought after fertilizer reduce dramatically compared to current methods.”

The global sulphate of potash market was valued at US$ 53.45 billion in 2023, projected to grow at a compounding annual growth rate (CAGR) of 5% to reach US$78.96 billion by 2031.

In July 2023, the average import price of SOP differed significantly across countries:

• Belgium - US$898 per tonne.
• Germany - US$708 per tonne.
• Taiwan - US$603 per tonne.
• China - $616 per tonne.