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Encanto Potash Enters Into Memorandum of Agreement With India's National Federation of Farmers' Cooperative for 100 Million Tonne 20 Year Offtake Agreement
Encanto Potash Enters Into Memorandum of Agreement With India's National Federation of Far...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\nEncanto Potash Enters Into Memorandum of Agreement With India's National Federation of Farmers' Cooperative for 100 Million Tonne 20 Year Offtake Agreement\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\n\nCanada NewsWire\nVANCOUVER, Jan. 4, 2017\n\n\n\nVANCOUVER, Jan. 4, 2017 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the \"Company\") (TSXV:  EPO) has successfully completed the foundation for an evolutionary offtake agreement with the National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Ltd (\"NACOF\"). The terms of the offtake agreement are summarized in a memorandum of agreement (the \"MOA\") that provides for a minimum supply of 5 million tonnes per year for a minimum 20 year term, pending final negotiations related to the offtake agreement.\n\nNACOF (www.nacof-india.com) is a national farming cooperative under the Indian Ministry of Agriculture, Government of India representing farmers in 25 states across India. One of their primary goals is to enter into contracts and collaborate for the purchase, production, manufacture and marketing of raw materials, finished products and by-products. NACOF also enters into joint marketing and exchange agreements with Cooperative Institutions and Public Sector Undertakings such as Metal Mineral Trading Company of India (\"MMTC\") (see Company news release dated April 13, 2016) or other Government agencies in India and abroad. Food security obtained via procurement of a secure alternative supply of muriate of potash and eliminating middlemen for Indian farmers is a fundamental objective. As such, NACOF represents fertilizer end users in India, being farmers with a membership comprised of 67 State Level Federations, District Level Federations and large, primary level societies from 25 Indian States.\n\nThe MOA with NACOF now positions Encanto for the transition of the previously announced memorandum of understanding between Encanto and MMTC (the \"MMTC MOU\") into a Commercial Marketing and Distribution Agreement to pro...