Potash Ridge Corporation reports they have signed a Memorandum of Understanding (MOU) with GSFC Agro Tech Ltd. for supply of 50000 MTPA SOP off-take from its Blawn Mountain SOP project in Utah.
Potash Ridge Corporation (TSX:PRK) reports they have signed a Memorandum of Understanding (MOU) with GSFC Agro Tech Ltd. for supply of 50000 MTPA SOP off-take from its Blawn Mountain SOP project in Utah. Potash Ridge, is a Canadian-based exploration and development company, and is currently a near term producer of premium fertilizer with ongoing development assets in Quebec and Utah. GSFC Agro Tech, is the second largest fertilizer company in India (by revenue) and plans to use the North American SOP to bolster production outputs in Gujarat.
As quoted in the press release:
“Executing an MOU for supply of 50000 MTPA SOP from a 100% subsidiary of a major Indian joint sector fertilizer company is a significant accomplishment for the company and a key stepping stone in the financing and development of the Blawn Mountain project. The company has been in negotiations with other SE Asia SOEs (State Owned Enterprises) since Q3 2017 and anticipates closing additional off-take MOUs in the very near future with the intent of achieving off-take commitments for a majority portion of the initial 255,000 tons per year of potassium sulphate (SOP) production capacity. The Company will continue to provide updates as these discussions move forward,” Andrew Squires, CEO of Potash Ridge said.