Potash Ridge Corp. (TSX:PRK) announced that it has received its first milestone payment from Jones-Hamilton. The payment is part of an offtake and funding agreement announced last October.
As quoted in the press release:
Under the terms of the agreement, Jones-Hamilton will fund the hydrochloric acid equipment of Potash Ridge’s Valleyfield potassium sulphate facility in Quebec (‘Valleyfield’). As part of the arrangement, Valleyfield will exclusively sell 100% of its hydrochloric acid production from the Valleyfield facility to Jones-Hamilton.
Jones-Hamilton Co. (“Jones-Hamilton”) is a leading chemicals company and one of North America’s premier producers and marketers of hydrochloric acid.
Other Commercial Arrangements
- Secured 5-year supply of sulphuric acid, Valleyfield’s second largest raw material by volume and cost.
- Engaged Migao Corp. for technical support and procurement services. Leverage Migao’s 20-year experience with Mannheim furnaces.