Essel Group ME & Gensource to set up potash production facility in Canada

Initially, the JV will complete the feasibility study on phase one of the Vanguard project before beginning construction of the first Gensource modular small-scale facility with production capacity of 250,000 tonnes per annum (TPA). “If the first facility is successful, our agreement provides that we will work together with Essel to assess the feasibility of adding additional production modules with the goal of achieving 1 million TPA of production. EGME brings the necessary global business experience and financing to complement Gensource’s highly-skilled development team, rich potash resources and innovative extraction technologies. The value we aim to create is much greater than the sum of the investments in Vanguard,” informed Ferguson.

Punkaj Gupta, joint managing director & group CEO, Essel Group ME, commented, “This is a landmark event as we work towards developing this iconic asset, in order to meet the growing global potash demand. Vanguard is a key part of EGME’s portfolio, and this JV underlines our continued long-term commitment to developing high-quality assets in the natural resources sector.”

EGME is a diversified conglomerate operating primarily in the Europe, Middle East, Africa and Asia pacific region. EGME is part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology.