SO4 has awarded a total of $107m in EPC and EPCM contracts for the completion of the Lake Way SOP project. The contracts have been awarded with the approval of SO4’s debt partner, Taurus. This a positive sign that the finalisation of the funding package must be imminent. SO4 has completed 85% of the detailed engineering design, and the overall capital expenditure has only gone up by 4% from $254m to 264m. We maintain our BUY recommendation and $1.31 price target.
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