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Encanto Potash Finalizes Definitive Terms and Enters into Offtake Agreement, Securing the Indian Potash Market with India's National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Limited
Encanto Potash Finalizes Definitive Terms and Enters into Offtake Agreement, Securing the ...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\nEncanto Potash Finalizes Definitive Terms and Enters into Offtake Agreement, Securing the Indian Potash Market with India's National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Limited\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. 18, 2017\n\n\n\nVANCOUVER, Jan. 18, 2017 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the \"Company\") (TSXV:  EPO) has successfully finalized a historic offtake agreement with the National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Limited (\"NACOF\"). \n\nThe agreement provides for the supply of a minimum of 5 million tonnes per year for a guaranteed period of twenty years for muriate of potash (\"MOP\").  Food security obtained via procurement of an alternative supply of MOP and eliminating middlemen for Indian farmers is a fundamental objective for NACOF. \n\nNACOF is India's national farming cooperative established by the Joint Secretary and Central Registrar, Cooperative Societies under the Ministry of Agriculture, Government of India and representing farmers across 25 out of 29 states in India.  NACOF has a 2016-2017 annual budget of $7.67 billion (USD) and 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, and also enter into joint marketing and exchange agreements with Cooperative Institutions, Public Sector Undertakings or any other agency in India or abroad. \n\nEncanto President Stavros Daskos stated \"This is clearly a defining moment for our company and the industry.  India imports 100% of its potash and is susceptible to cartel-like practices from producers that can hurt its national food security.  Establishing long term offtake agreements are difficult and require a great amount of time and understanding of a country's food security policies and how they interface with the dynamics of a supply environment controlled by a small number of entities. ...