The Congolese government and the Canadian company Ma gIndustries Corporation and its local subsidiary, MagMinerals Potashes Congo, on Tuesday concluded an agreement for the exploitation of potash in Kouilou region, southern Congo.
The project, which would see an investment of US$ 1.6 billion, is expected to yi eld a projected production of 580,000 tonnes of potash a year.
The agreement was signed by the Congolese Minister of Mines, Mining Industries a nd Geology, Pierre Oba and the Minister of Economy, Finance and Budget, Pacifiqu e Issoïbéka. The chief executive officers of MagIndustries Corporation and MagMin e rals Potashes Congo, Bill Burton and Willy Verbrugghe respectively signed for th e ir companies.
MagIndustries has since 27 May 1997 been granted licence to explore for magnesiu m salts, sodium and related salts and has started drilling for potash.