FYI Resources says the $1 million proceeds from the sale of a property in Western Australia will provide sufficient near-term funding for its working capital requirements in continuing the development of its South East Asian potash strategy.
The ASX-listed company is now focusing on potash and has recognized the potential for these deposits in Thailand and Laos. FYI’s potash focus has come about following an extensive global review of suitable new projects and commodities.
Potash is the common term used for a group of potassium minerals used principally as agricultural fertilizers. FYI’s market analysis reinforces the view that increasing human populations will lead to higher sustained demand for potash minerals to help boost food production, yield, quality and taste of produce.
FYI has received $1 million following settlement of the sale of the non-core asset at Baldivis in WA. This is an undeveloped 7.11 hectare rural property that was a remnant asset acquired by FYI when it was operating under a previous business strategy.