India's Gujarat finances first phase of Karnalyte's Canada potash mine

Karnalyte Resources

14/03/2016 13:37

WINNIPEG, Manitoba, March 14 (Reuters) - India's Gujarat 
State Fertilizers and Chemicals Ltd  GSFC.NS  has agreed to 
finance the first phase of Karnalyte Resources Inc's  KRN.TO  
Canadian potash mine for $700 million, Karnalyte said on Monday. 
    The companies also agreed to spin out Karnalyte's secondary 
mineral assets and unexplored lands, Karnalyte said.  
    Karnalyte plans to produce 625,000 tonnes of potash per year 
at Wynyard, Saskatchewan in phase 1 of a 2.125 million tonne 
project.                     
 
 (Reporting by Rod Nickel in Winnipeg, Manitoba Editing by W 
Simon) 
 ((rod.nickel@thomsonreuters.com; 1 204 230 6043; Reuters 
Messaging: rod.nickel.thomsonreuters.com@reuters.net; Twitter: 
@ReutersWinnipeg)) 
 
Keywords: KARNALYTE RES GSFC/