Agrimin Annual General Meeting.
Firstly may I say how much it is a pleasure to attend today's meeting in person and have the opportunity to interact with our shareholders and staff. We have continued to make significant progress toward establishing our Mackay Potash Project ('the Project') as the world's leading seaborne supplier of Sulphate of Potash ('SOP') fertiliser, developed with sustainability principles at its core including the empowerment of local Indigenous communities.
The Definitive Feasibility Study ('DFS') completed last year showed the Mackay Potash Project can become the lowest cost seaborne supplier of SOP globally with all facets of the Project being scalable and offering the potential to expand production over time. The DFS results, as well as favourable SOP market dynamics, have provided a strong platform for us to advance our offtake and project financing activities over this past year.
Earlier this year, we were pleased to report the successful completion of the Independent Technical Review of the Project to support our project financing activities. Also, this year, we signed a Binding Offtake Agreement with Sinochem Fertilizer Macao Limited, which belongs to Sinofert Holdings Limited, China's main potash importer. This is the largest offtake volume for any Australian SOP project and covers one third of Agrimin's planned production.
We are at an advanced stage of negotiations with other global fertiliser companies and we expect to announce further offtake developments in the near term to underpin project financing. I am proud to say that Agrimin is committed to supporting the global transition to net zero emissions. As part of our Front End Engineering Design ('FEED') work we recently announced an industry-leading renewable energy penetration target of 84%. Our SOP production is set to have one of the lowest carbon footprints of any major macro-nutrient fertiliser product. We are focused on assessing opportunities to further reduce our greenhouse gas emissions over the Project's 40-year lifespan, such as the potential integration of hydrogen-based storage solutions.
We are eager to create a reliable seaborne supply of sustainable SOP fertiliser to farmers around the world, many of which are currently using SOP produced from the highly polluting Mannheim process. Agrimin is currently advancing the Environmental Impact Assessment ('EIA') for the Mackay Potash Project, which is the critical path item to reaching a Final Investment Decision targeted for mid-2022. During the year, the final environmental surveys and studies which support the EIA were completed.
The recent award of Lead Agency Status by the WA State Government highlights the strategic importance of the Mackay Potash Project and reinforces the WA Government's conviction in supporting a new SOP industry. This is in addition to the Australian Federal Government acknowledging the national significance of the Project by the award of Major Project Status last year
While the emergence of a new SOP industry in WA continued, this year witnessed various challenges for the broader sector. The level and quality of feasibility work completed by Agrimin, including both fieldwork and engineering studies, continues to set us apart. During this current phase of the Project's development, we remain committed to retaining leverage to record high SOP prices and maximising shareholder value.
On behalf of Agrimin and our shareholders I wish to acknowledge the Kiwirrkurra People, along with the Ngururrpa People and Tjurabalan People, who have provided significant support to our Company. I would also like to thank our CEO Mark Savich and his team for their determination in the development of our world-class Mackay Potash Project, as well as our shareholders for their ongoing support and belief in our vision.
Contact:
Mark Savich
Tel: +61 8 9389 5363
Email: msavich@agrimin.com.au
Web: www.agrimin.com.au
About Agrimin
Based in Perth, Agrimin Limited is a leading fertiliser development company focused on the development of its 100% owned potash projects in Western Australia. Agrimin is aiming to be a global supplier of speciality potash fertilisers to both traditional and emerging value-added markets. Agrimin's shares are traded on the Australian Securities Exchange (ASX: AMN).
Forward-Looking Statements
This ASX Release may contain certain 'forward-looking statements' which may be based on forward-looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking information includes exchange rates; the proposed production plan; projected brine concentrations and recovery rates; uncertainties and risks regarding the estimated capital and operating costs; uncertainties and risks regarding the development timeline, including the need to obtain the necessary approvals. Readers should not place undue reliance on forward-looking information. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
AGRIMIN LIMITED 
