maybe we could build port facilities with themCanadian junior...

maybe we could build port facilities with them





Canadian junior wins 25-yr licence to mine potash in Congo

By: Liezel Hill
Published: 26 Mar 08 - 23:17
MagMinerals, a subsidiary of TSX Venture Exchange-listed MagIndustries, has been awarded a 25-year mining licence for its Kouilou potash mine, in the Republic of Congo (not to be confused with its larger neighbour, the Democratic Republic of Congo).

The government of the Republic of Congo would retain a 10% free carried interest in the Kouilou mine, MagMinerals said.

MagMinerals plans to build, own, and operate a standalone 1,2-million tons a year potash mine and plant, 16 km east of the Atlantic port city of Pointe Noire.

The first phase of the mine's construction, which will bring output to 600 000 t/y of granular K60 grade potash, is expected to cost $723-million, excluding financing costs, according to a recently completed feasibility study.

The Kouilou plant will be based on a modular design, which will enable the company to double the initial capacity “as soon as possible”, the firm said.

MagMinerals' advisers are working to arrange debt financing to cover 70% of the project costs, and the company plans to sell equity to cover the balance.

http://www.miningweekly.co.za/article.php?a_id=129869