Australian Potash has been placed in the hands of administrators, marking the third time in just over two years a WA-based potash hopeful has collapsed. FTI Consulting were appointed as voluntary administrators to the explorer on Wednesday, which counted the Lake Wells sulphate of potash development in the north-eastern Goldfields as its flagship project. In 2021 the Federal Government’s Northern Australian Infrastructure Facility approved a $140 million loan to assist Australian Potash in developing Lake Wells. Australian Potash’s chairwoman Natalia Streltsova said it was “clearly a very disappointing day” for the company’s shareholders. “The last two years have been very challenging for your company with much focus and effort initially on identifying the funding solution for the LSOP,” she said. “We still maintain the project information and know-how and will be ready to deploy them should a new opportunity emerge for this project. “More recently, due to strong negativity in the market towards solar evaporation potash projects in Western Australia, we turned our efforts to re-focusing the company on our other existing project opportunities where we believe we have project targets that have the potential to create significant shareholder value.” SOP is a potassium-rich product used to make plant-based agricultural production more efficient and environmentally-friendly. The array of SOP projects across WA have been plagued by technical and development issues, with one-time industry frontrunners Salt Lake Resources and Kalium Lakes both collapsing in recent years. To date, no potash project in Australia has reached nameplate commercial production status as the nascent industry struggles to gain a foothold. Last month The West Australian first reported Reward Minerals was set to purchase Kalium’s stalled Beyondie SOP project, with Reward later agreeing to pay just shy of $20 million by a proposed capital raise. ASX-listed Kalium collapsed in August owing more than $200m to lenders, including NAIF.