Canada’s Karnalyte to raise $300m for planned potash project

14 June 2013 14:23  [Source: ICIS news]

TORONTO (ICIS)--Karnalyte Resources has hired two banks to raise up to $300m (€225m) to help finance the construction of a potash project in Canada, the Toronto-listed firm said on Friday.

Karnalyte’s project near Wynyard in Canada’s Saskatchewan province could - if realised - eventually produce 2.1m tonnes/year of potash.

Karnalyte said that net proceeds from the project financing, together with funds from its strategic investor, Gujarat State Fertilizers and Chemicals, will provide about 60% of the total capital required for Wynyard.

In related industry news on Friday, Norway-based fertilizer major Yara said it decided to postpone a planned nitrogen expansion at Belle Plaine, Saskatchewan, because of high construction costs and a risk of overcapacities in the North American market.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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