The offtake program involves a five-year agreement with Mitsui & Co, one of the world’s largest trading and investment companies, and includes the option for a three-year extension.

Mitsui & Co will distribute Australian Potash’s K-Brite product through Asia, excluding China.

The new deal marks Australian Potash’s third agreement in the offtake program, which is made up of 100,000 tonnes per annum of offtake to be distributed throughout Australia, New Zealand, China and Asia.

“The relationship with Tier 1 Global fertiliser distributor Mitsui & Co. (Asia Pacific), reflected in this long-form binding offtake agreement, opens the Asian ex-China fertiliser markets to the K-Brite and Australian Potash brands,” Australian Potash managing director and chief executive officer Matt Shackleton said.

“Mitsui & Co. are a titan in the world’s major fertiliser, logistics and distribution sectors, and the marketing and distributorship of SOP is integral to their brand presence in Asia. It is enormously gratifying that APC’s K-Brite brand will be traded through the Mitsui network in these lucrative and growing Asian markets.”

Australian Potash is now finalising the last segment of its offtake program, which will cover Europe and America.

The Lake Wells SOP project has a 30-year mine life and is forecast to produce 150,000 tonnes of SOP per annum.