Merger creates largest publicly listed land holder in Amazon Potash Basin
Pacific Potash Corp announced Tuesday that it plans to merge with Cowley Mining Plc, potentially creating the largest publicly listed land rights holder in the Amazon Potash Basin.
Cowley's land holdings may "host expansive potash deposits based on historical data and recent discoveries in the basin," according to the company's news release.
Cowley's holdings are immediately adjacent to those of Brazil Potash (inferred resource of 381Mt @ 31.2% KCI).
The two parties will look for $12 million in equity financing "for the merged entity to be completed upon closing of the Transaction."
Brazil is the world's number three potash consumer, consuming "8.1Mt in 2012 and expected to grow to 13-14Mt by 2020 – but is dependent on imports by over 90% of annual demand, whereas domestic supply could offer a transportation cost advantage."
Pacific Potash Corp is a Vancouver-based publicly traded company principally focused on exploration and development in potash bearing regions.
Read the news release in full here.