Dear Shareholders of ASEAN Potash Chaiyaphum Public Company Limited Early 2023 there was the positive sign from the Ministry of Industry proposed the approach to resolve the ASEAN potash mining project debt of the special state benefits to the Cabinet, which had the resolution to acknowledge and designate the Ministry of Industry to consider and proceed since realized the ASEAN potash mining project was initiated by the government involvement and Thailand is the agricultural country which imported million tons of chemical fertilizers every year whereas the most significant potash deposits in Asia are located in the country, therefore it should be impelled to have the domestic manufacturing of the potassium fertilizer to substitute the import and be able to be self-reliant which will result in the decrease of fertilizers cost which is the important factor of the agricultural sector. The government intends to support the farmers and the long-term economy by utilizing the existing natural resources worthily. Furthermore, the Cabinet also designated the Ministry of Industry to impel the potash mining projects in the north-eastem region.
Mid 2023 with the confidence and support from the shareholders, the Company received the proceeds from the subscription of the newly issued ordinary shares for 450 million Baht. The Company set up the Project team to review the Feasibility Study Report and engaged the advisors in various aspects i.e. the marketing advisors to explore the current situation of both domestic and intonational, potassium fertilizer industry, the technical advisors to prepare the Final CAPEX/OPEX Evaluation Report and the Feasibility Study Report. The Company is under negotiation with the Department of Primary Industries and Mines on the debt restructuring of the ASEAN potash mining project debt of the special state benefits and fine. On behalf of the Board of Directors, I would like to express our thanks to all shareholders for their trust and support to the Board of Directors, executives and employees of ASEAN Potash Chaiyaphum Public Company Limited as always. I would like to inform that the Company has put all the efforts to achieve the success of the project in the near future.