Karnalyte Releases Q2 Financials and Operations Update
The company has also offered an update on the status of its Wynyard potash project and Proteos nitrogen project.
Karnalyte Resources (TSX:KRN) has announced its financial results; as well as its operational and corporate highlights for the second quarter of 2018, which ended June 30, 2018. The company has also offered an update on the status of its Wynyard potash project and Proteos nitrogen project.
As quoted from the press release:
Overview
Karnalyte has made significant progress in investigating the economic and technical viability of the Proteos nitrogen project during the second quarter of 2018. In addition to issuing an invitation for expressions of interest for the technical and economic aspects of the project, and initiating an independent market analysis, Karnalyte has undertaken due diligence on a number of potential project sites.
“The technical assistance provided by Karnaltye’s strategic partner Gujarat State Fertilizers & Chemicals Limited (GSFC) from their five decades experience in nitrogen fertilizer production has allowed Karnalyte to streamline some of the early phases of development, and we are grateful for their technical and commercial assistance as we continue to explore the Proteos nitrogen project,” said Frank Wheatley, president of Karnalyte.
With respect to the Wynyard potash project, while there have been some encouraging signs regarding the potash price environment, prices have not yet recovered to the point where the Wynyard potash project is economically viable and financeable. During the second half of 2018, Karnalyte and GSFC intend to revisit the timing and sequence of the steps required to re-activate development of the project.
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