Potash

The order book was twice oversubscribed, with the offering generating strong demand from global institutional investors, including from the US, UK and Continental Europe.

The agreement includes a preliminary marketing plan that facilitates Gensource’s goal of creating a direct link between a potash producing facility in Saskatchewan, Canada, and the end user.

In order to make a FID, work on engineering to support project planning and on finalising the port solution is required, and the Board has approved US$144 million for these activities.

The contract has been awarded to G&S Engineering Services Pty Ltd (G&S), a wholly owned subsidiary of DRA Global Ltd (DRA).

Enhancements made to the planned design of the process plant and mine have increased the Muga project's net present value and internal rate of return to €1.97 billion and 25% respectively.

The increased curtailment is based on increasing inventories as a result of a short-term slowdown in global potash markets and increased risks of a delay in Chinese contract settlement.

The results from the drilling have led to the decision to drill another hole between the company's Muga project and the Vipasca permit area.

Transhipment Services Australia has been appointed to develop a cost-effective and fit-for-purpose shiploading solution which will be fully integrated with Agrimin’s planned Wyndham Port Facility.

The funds will be used to continue the work streams for the FEED study due to be delivered in 1H20.

The company will now finalise the remaining key construction contracts.

The Wyndham Port Facility will comprise key infrastructure for the large-scale export of chloride-free potash products from the Mackay potash project in Western Australia.

The company is developing two sulfate of potash projects in Western Australia.

The agreement covers 100% of the potash production (146 000 tpy) from the Milestone Phase I plant in Saskatchewan, Canada.

The consolidation of permits comes under Morocco's new mining code, which was implemented in 2015.

The company has responded to the current weak demand for potash by reducing production by up to 300 000 t.