India's Sainek signs $451m potash mine deal

11 December 2007 14:57  [Source: ICIS news]

LONDON (ICIS news)--Indian mining firm Sainek Mining Limited has signed an agreement with the Ethiopian government to build a $451m (€307m) factory to mine potash in Ethiopia, the minister for mining and energy said on Tuesday.

 

Under the deal, Sainek will mine the potash in Musely and Crescent, in a remote region of eastern Ethiopia which borders Djibouti and Eritrea, for 20 years.

 

Sainek plans to produce over 20m tonnes of potash during the 20 years.

 

Studies by the mines ministry show that Musely and Crescent have the potential to produce up to 140m tonnes of potash.

 

($1 = €0.68)

By: Rebecca Clarke
+44 20 8652 3214

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