Business
Karnalyte Resources Inc. authorized to proceed to construction permitting process for Wynyard Carnallite Project
CALGARY , Sept. 19, 2013 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporati...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\nCALGARY, Sept. 19, 2013 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or\n the \"Corporation\") (TSX: KRN) today announced that it has received\n notice from the Saskatchewan Ministry of Environment (\"MOE\") that it\n has met an additional condition of the Wynyard Carnallite Project's\n (the \"Project\") Environmental Impact Statement (\"EIS\") dated February\n 7, 2013, enabling the Corporation to proceed to the construction\n permitting process for the Project.\n\n\n\"Meeting this condition of the Wynyard Carnallite Project's EIS enables\n Karnalyte to pursue the permits required for plant construction, and is\n thus a major milestone for both the Project and the Corporation,\" said\n Robin Phinney, President and CEO of Karnalyte. \"Karnalyte remains\n committed to advancing the Project towards construction, commissioning\n and production. Our unique mineral deposit will produce a\n premium-quality potash product with an attractive economic profile, and\n supports the opportunity to produce and market magnesium products as a\n second product line.\"\n\n\n\"Gujarat State Fertilizers and Chemicals (\"GSFC\") is of the opinion that\n the current downtrend in the potash sector is a result of the combined\n impact of the global recession and economic uncertainty, despite the\n importance of this commodity in providing food supply to the developing\n world,\" said Vishvesh D. Nanavaty, General Manager of Finance of GSFC\n and a Director of Karnalyte. \"While short-term variability will always\n be a reality in the commodity sector, the medium- and long-term\n fundamentals support strong potash demand and growth in the future.\n GSFC's investment in Karnalyte is a strategic one and we remain fully\n committed to the future potential of the Wynyard Carnallite Project,\n the most advanced potash greenfield project. Much progress has been\n made to date to move the Project forward and we are very pleased with\n the milestones Karnalyte has achieved.\"\n\n\nIn addition to receiving EIS approval from the Saskatchewan MOE and\n meeting all conditions of the EIS, Karnalyte has made significant\n progress in the development of the Wynyard Carnallite Project,\n including:\n\n\nReceiving a positive bankable feasibility study confirming economic\n viability of the Project, with:\nDevelopment capital expenditure (\"CAPEX\") for the initi...