Gensource Potash, China team up to develop projects in Saskatchewan

SASKTOON – A Saskatoon-based potash company has signed a binding agreement with China to develop potash projects in Saskatchewan.

Gensource Potash, along with the Saskatoon Regional Economic Development Authority (SREDA), made the announcement on Tuesday.

“We have signed a binding agreement with our Chinese partners to develop potash projects in Saskatchewan,” said Gensource CEO Mike Ferguson.

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“Our goal is to deliver Saskatchewan potash under long term supply contracts to markets where we have solid long term relationships.

No details of the agreement have been released but according to the company’s website, there are currently two strategic and highly desirable mine sites in the acquisition stage.

“With our partners we are confident that we have the essential elements of a successful potash project – a long term supply contract, financing, and of course our technical expertise,” said Alan Cruickshank, president of Gensource.

“China is a vital market player going forward,” said Ferguson.

It is estimated Saskatchewan has in excess of a thousand years supply of potash.