Rio Tinto enters potash business via JV with Russia’s JSC Acron's Canadian unit

28 Sep 2011

1

Rio Tinto, the Anglo-Australian mining group has entered into a joint venture with North Atlantic Potash Inc (NAP), the Canadian subsidiary of Russia's JSC Acron, for exploring potash a putting up a mine in Saskatchewan.

Both companies did not disclose the financial terms of the deal.

The deal comes after its arch rival, BHP Billiton's hostile $39-billion bid for Potash  Corp of Saskatchewan, the world's biggest producer, was thwarted by the  Canadian government, which did not want  the valuable Canadian resource to fall under foreign ownership.

Under the JV, London-based Rio Tinto will initially acquire a 40-per cent stake in nine blocks covering an area of 241,000 hectares of NAP, with the option to later raise its stake to as much as 80 per cent.

NAP is currently the second biggest landholder in the potash belt of southern Saskatchewan, holding of 26 exploration permits in more than 2.7 million acres.

The exploration area covered in the JV extends from the eastern shore of Last Mountain Lake, about 40 km north of Regina, through to Broadview.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers