EQS-News: Essel Group Middle East announces MOU for 70% JV with Gensource Potash Corporation


29.11.16 16:10
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The agreement is EGME's second significant investment in the Potashindustry after the company acquired the exploration license for the Badapotash mine in Eritrea's Danakil Depression in August 2015. The investmentis notable for being EGME's first natural resources investment outside ofAfrica and marks an important step in the Group's ambition to become aglobal, diversified natural resources company.Under the terms of the MOU, EGME will provide business and logisticexpertise and will deliver financing totalling USD 200m in two stages. Thefirst financing tranche will fund the completion of the feasibility studythat is currently underway and expected to be completed in Spring 2017. Thesecond injection of capital will fund the construction of the project,which is situated in Gensource's Vanguard area, within the Saskatchewanprovince. Gensource will commit its project execution team to the JV, whichpossesses the necessary technical experience of selective solution potashmining and specialized processing.When construction financing has been committed, EGME will hold a majority70% stake in the JV.Punkaj Gupta, Chief Executive of EGME said, "We are pleased to have reachedthis agreement with Gensource and look forward to working with them tobring this asset through to production. Today's investment demonstrates ourcontinued commitment to building our portfolio of high-quality naturalresources assets."Mike Ferguson, President and CEO of Gensource, said, "This is an excitingmilestone for Gensource and we are so pleased to be working with astrategic and forward thinking group like Essel Group Middle East. With apresence in Europe, Middle East and North Africa, EGME understands thepotash business very well and has positioned itself to strategically enterthe industry. "-ENDS-For further information please contact:
Kriti Ladsaria, Essel Group Middle     +971 4 2793955EastDorothy Burwell / Charles O'Brien /    +44 20 7251 3801Benita Barretto, Finsbury
Notes to editors:About Essel Group Middle EastEssel Group Middle East ("EGME") is a diversified natural resources companywith a focus on the exploration, development and production of oil, gas andmining assets. The group targets assets in proven basins with near-termproduction potential and it has operations in Kenya, Guinea, Ghana,Liberia, Chad and Eritrea. EGME is backed by Essel Group, a globalconglomerate with a 40-year history spanning numerous industries includingthe media, packaging, entertainment, infrastructure, education and metals.For further information, please visit www.esselgroupme.com.About Gensource Potash Corporation:Gensource is based in Saskatoon, Saskatchewan and is focused on developingthe next potash production facility in that province. Gensource's Presidentand CEO, Mike Ferguson, P.Eng., has assembled a management and technicalteam with direct and specific expertise and experience in potashdevelopment in Saskatchewan.Gensource operates under a business plan that has two key components -vertical integration with the market to ensure that all production capacitybuilt is directed to a specific market, eliminating market-side risk; and,technical innovation which will allow for a small and economic potashproduction facility, the output of which can then be directed to a single,specific market.Neither TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.---------------------------------Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.---------------------------------End of Announcement - EQS News Service---------------------------------525141 29-Nov-2016


 

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