Potash Ridge (PRK.TO) doesn’t release a lot of updates, but this doesn’t mean the company isn’t doing anything. It has now announced it has retained Gateway Credit Partners, which will assist the company in securing funding to build the first phase of the Valleyfield SOP project in Québec, Canada.
Gateway is an independent financial services corporation focusing on the US corporate credit market, and Potash Ridge hopes Gateway will be able to secure long-term capital which could also be very helpful in the longer run, as Potash Ridge still has the Blawn Mountain project in Utah up its sleeve.
Securing funding for a project is an important part of the puzzle, but Potash Ridge has also already engaged Migao Corporation to assist in the development (and operation) of the SOP plant. Migao will provide technical and construction support, and will also help out on the operational front at the planned 40,000 tonnes per year SOP plant. That’s another step forward considering Migao has decades of experience in producing Sulphate of Potash as it’s a major 320,000 tonnes per annum producer in China (which is 8 times the planned initial capacity at Valleyfield).
We hope to see Potash Ridge making substantial progress in 2017, as we strongly believe in the potential of producing SOP so close to the potential end-markets in North America.