Kalium Lakes - Case Update

Last month, we wrote about how Martin Jones, Matthew Woods and Clint Joseph of KPMG, the joint administrators of Kalium Lakes had received competing DOCA proposals for subsidiaries Kalium Lakes Potash and Kalium Lakes Infrastructure. One proposal was from ASX-listed potash company Reward Minerals, and the other was from Shandong Nayu Energy Technologies, which was conditional on approval by the Chinese government. At the reconvened second meeting, the companies’ creditors voted to accept the Reward Minerals DOCA, which is anticipated to be fully effectuated by 30 January 2024. The meeting for parent company Kalium Lakes was adjourned for up to 45 days (16 February 2024) to allow further time for interested parties to put forward a DOCA proposal and the administrators to progress the potential restructure of the company.