Agrimin (ASX:AMN) began a strategic review to identify options for its Mackay potash project in Western Australia related to the prevailing "capital markets environment" for domestic sulfate of potash projects, according to a Friday Australian bourse filing.

The mining firm is expected to scale down activities at the project and implement additional operating and corporate cost reduction initiatives, the filing said.

The strategic review will include the evaluation of the potential for exploration activities for minerals other than potash. The options for the project include continuing its ongoing independent progress, establishing a joint venture, or an outright sale, per the filing.

The firm's shares declined 14% in recent trading on Friday.