Rio Tinto, JSC Acron subsidiary sign Canada potash joint venture

27 September 2011 20:21  [Source: ICIS news]

HOUSTON (ICIS)--The Canadian subsidiary of Russia-based fertilizer producer JSC Acron and British-Australian mining firm Rio Tinto are joining forces to look for potash deposits and perhaps build a mine in Saskatchewan, the companies said on Tuesday.

The joint venture between JSC Acron’s North Atlantic Potash and Rio Tinto will explore nine permitted areas that cover about 600,000 acres (243,000 ha), the companies said.

North Atlantic Potash holds more than 2.7m acres and 26 exploration permits in the Prairie Evaporite potash deposit in Saskatchewan.

"We strongly believe that together with the professional experience and financial capabilities [that] Rio Tinto brings into this project, we will be able to be the next producing mine in Canada," said North Atlantic Potash president Arie Zuckerman.

North Atlantic Potash CEO David Waugh said: "We've recently completed an extensive seismic survey on our Foam Lake area permits in the northeast segment of our holdings and will be embarking this [autumn] on a drilling campaign in that area."

By: Brian Ford
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