Saskatoon-based Gensource Potash, has announced that agriculture chemical company HELM AG will be the offtaker for the Tugaske project.
Saskatoon-based Gensource Potash (TSXV:GSP), has announced that agriculture chemical company HELM AG will be the offtaker for the Tugaske project.
As quoted from the press release:
In a news release dated May 22, 2019, Gensource announced that it had completed a non-binding memorandum of understanding with a large and well-respected
international fertilizer manufacturing and distribution company for the sale of 100 percent of the production from Tugaske. Development of the Tugaske Project has since progressed significantly and Gensource is now pleased to formally announce HELM AG and its North American subsidiary, HELM Fertilizer Corp (together, “HELM”) as its offtake partner for the Tugaske Project.
“We are very happy to announce our partnership with HELM as Tugaske’s off-taker,” commented Mike Ferguson, President & CEO of Gensource. “Helm brings a significant existing US customer base as well as substantial and growing infrastructure – terminals and storage facilities – within the US agri-business supply chain. Tugaske represents another strategic venture for HELM that is similar to previous successes it has enjoyed. It is clear to us that HELM is here for the long
term and is acting strategically to support and grow its fertilizer business, and Gensource is proud to be part of that effort.”
HELM and Gensource are currently finalizing the definitive offtake agreement for Tugaske under which HELM will purchase 100 percent of the production from the project for 10 years, renewable thereafter. The off-take agreement is expected to be complete in Q1 this year.