 "Canada's Encanto inks potash supply pact with MMTC")
Canadian firm Encanto Potash Corp has entered into a memorandum of understanding (MoU) with Metals and Minerals Trading Corporation of India (MMTC) for a long term supply arrangement for muriate of potash (MOP).
“As previously disclosed in Encanto Potash’s financial statements, the Indian government has taken over the overall negotiations and as such decided that MMTC, with a market cap nearly double that of Rashtriya Fertilizer Corp (RCF), would be a more suitable entity for these negotiation,” said Encanto in a press release.
MMTC Limited is one of the two highest earners of foreign exchange for India and India’s largest public sector trading body with an annual turnover of around $ 10 billion. Not only handling the export of primary products such as coal, iron ore, and manufactured agro and industrial products, MMTC also imports important commodities such as ferrous and nonferrous metals for industry, and agricultural fertilisers. As a leading player in fertilisers and fertiliser raw material, MMTC has become a major fertiliser marketing company in India, through planned forward integration of its import activities with the direct marketing of urea, DAP, MOP, sulphur, rock phosphate, SSP and other farming and agricultural inputs.
Encanto is also exploring with the Ministry of Minority Affairs of India the possibility of Encanto supporting employee training of skilled trades and technology professions to meet the employment needs when Encanto’s mine is being built and operated.
“As previously disclosed in Encanto Potash’s financial statements, the Indian government has taken over the overall negotiations and as such decided that MMTC, with a market cap nearly double that of Rashtriya Fertilizer Corp (RCF), would be a more suitable entity for these negotiation,” said Encanto in a press release.
MMTC Limited is one of the two highest earners of foreign exchange for India and India’s largest public sector trading body with an annual turnover of around $ 10 billion. Not only handling the export of primary products such as coal, iron ore, and manufactured agro and industrial products, MMTC also imports important commodities such as ferrous and nonferrous metals for industry, and agricultural fertilisers. As a leading player in fertilisers and fertiliser raw material, MMTC has become a major fertiliser marketing company in India, through planned forward integration of its import activities with the direct marketing of urea, DAP, MOP, sulphur, rock phosphate, SSP and other farming and agricultural inputs.
Encanto is also exploring with the Ministry of Minority Affairs of India the possibility of Encanto supporting employee training of skilled trades and technology professions to meet the employment needs when Encanto’s mine is being built and operated.