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

Mon Mar 14, 2016 9:37am EDT
 
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WINNIPEG, Manitoba, March 14 (Reuters) - India's Gujarat State Fertilizers and Chemicals Ltd has agreed to finance the first phase of Karnalyte Resources Inc's 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)