MagIndustries Looks for $1 Billion in Financing for Mengo Project from Chinese Bank

Bloomberg reported that MagIndustries (TSX:MAA) has requested $1 billion in financing from the China Development Bank for development of the Mengo deposit in the Republic of Congo, which they cite as one of the biggest undeveloped potash deposits in the world.

As quoted in the Bloomberg report:

The Mengo deposit, about 15 kilometers (9.3 miles) northeast of the port city of Point-Noire, is expected to produce 1.2 million metric tons of the fertilizer annually and cost $1.36 billion.

To view the whole Bloomberg report, click here.