South Harz secures funding for German potash project
ASX-listed South Harz Potash has raised A$500 000 through the issue of 50-million fully paid ordinary shares to advance its Ohmgebirge potash development in Germany.
The placement includes A$149 867 in subscriptions from South Harz directors, with executive chairperson Len Jubber acquiring 6.49-million shares and director Rory Luff taking 7.49-million shares.
“This capital raising was completed at the same issue price as previous capital raises in late 2024 - a clear indication of the growing belief in the South Harz Potash story,” said Jubber. “The benefit of the regional and neighbouring mining infrastructure and logistics advantages associated with our location becomes more and more relevant in the challenging global geopolitical environment," he added.
The South Harz project hosts a globally significant mineral resource of 258-million tonnes at 13.2% K₂O (indicated) and 5.1-billion tonnes at 10.6% K₂O (inferred) across four wholly owned project areas in central Europe. This includes three perpetual potash mining licences - Ohmgebirge, Ebeleben, and Mühlhausen-Nohra - and two potash exploration licences, Küllstedt and Gräfentonna.
The Ohmgebirge development, with a planned one-million-tonne-a-year potash production capacity, was the subject of a positive prefeasibility study and maiden ore reserve declaration in May 2024. As part of the development strategy, South Harz has also agreed to non-binding key terms for the purchase of the neighbouring Sollstedt mine property, which includes extensive underground and surface infrastructure, including multiple operating shafts.
The brownfield development approach at Ohmgebirge, leveraging existing infrastructure at Sollstedt, is expected to significantly reduce pre-production capital expenditure and surface footprint compared with greenfield alternatives.
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