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Encanto Announces Expanded Memorandum of Understanding for a Potash Off-Take Agreement with Government of India's Largest International Trading Company along with Worldwide Distribution Rights
Encanto Announces Expanded Memorandum of Understanding for a Potash Off-Take Agreement wit...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\nEncanto Announces Expanded Memorandum of Understanding for a Potash Off-Take Agreement with Government of India's Largest International Trading Company along with Worldwide Distribution Rights\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEncanto Announces Expanded Memorandum of Understanding for a Potash Off-Take Agreement with Government of India's Largest International Trading Company along with Worldwide Distribution Rights\nCanada NewsWire\nVANCOUVER, April 13, 2016\n\n\n\nTRADING SYMBOL:  TSXV:EPO\n\n\n\nVANCOUVER, April 13, 2016 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the \"Company\") (TSXV: EPO) is pleased to announce that they have finalized important terms for their Memorandum of Understanding (\"MOU\") with Metals and Minerals Trading Company of India (MMTC) http://mmtclimited.gov.in, for a substantial off-take agreement.\n\nFollowing months of continued negotiations subsequent to the signing of the MOU with MMTC previously announced on October 15th, 2015, which outlined the base terms to a long term off-take agreement, Encanto confirms that the MOU is now expanded for an annual supply of a minimum of 2,000,000 metric tonnes of potash (approximately US$600 million at current prices) from the Company's Muskowekwan Project, located in Saskatchewan.\n\nA Pre-Feasibility Study dated February 28, 2013 referenced below confirms Proven and Probable KCI Reserves on the Muskowekwan Project totalling 162 MMt grading 28%, which supports primary and secondary mining for over 50 years at an assumed annual extraction rate of 2.8 million tonnes.\n\nMMTC, established in 1963, is a Government of India Public Sector Undertaking (\"PSU\"), India's Largest International Trading Company and one of the two highest foreign exchange earners for the country with a turnover of ~US $10 billion and a current market cap of US $35 billion dollars.  MMTC is the first Public Sector Enterprise to be accorded the status of \"FIVE STAR EXPORT HOUSE\" by the Government of India for long standing contribution to exports and, most importantly,...