Gensource Potash Corp. said March 27 that it entered into a second nonbinding memorandum of understanding with a North American agriculture industry player for the off-take of potash.

The MOU calls for the purchase of 250,000 tonnes per year of potash production from the company's facilities to be built in Saskatchewan. It will have an initial 10-year term with an option to renew.

The parties will look to sign a definitive deal by the end of April.

Gensource is developing the Vanguard potash project in central Saskatchewan, where a mid-2017 feasibility study defined construction costs of C$279 million.