SASKATCHEWAN – The board of Vancouver-based Potash One has okayed a friendly takeover of Potash One by Europe’s largest potash producer, K+S Group of Kassel, Germany, Potash One shareholders are to receive C$4.50 per share, a figure 24% higher than the company’s shares closed on Nov. 19, 2010.
Potash One’s flagship property is the Legacy deposit 80 km northeast of Regina and adjacent to the Belle Plaine solution mine. The feasibility study released earlier this month proposed solution mining at Legacy to produce 1.7 million tonnes of potash beginning in 2015. The rate is expected to ramp up, reaching 2.9 million t/y in 2020. Pre-production capital expenditures will be approximately US$2.5 billion.
To read the complete feasibility report on the Legacy project, please see www.Potash1.ca.
K+S has been producing fertilizer in Germany for over 150 years. Today the company has operations and offices in 90 sites around the globe. As worldwide demand continues to grow, the company is looking for projects to boost production. A year ago K+S took over Morton Salt of the United States, making K+S the world’s largest salt producer.