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Encanto Potash incorporates trading company

Encanto Potash Corp. said March 30 that it incorporated a potash trading company in anticipation of exports of the commodity to India.

The subsidiary, to be called Encanto Potash Trading Co., will focus on the trading of potash sourced from producing properties that are underutilized, alongside the concurrent development of reserves on the Muskowekwan property in Saskatchewan.

"In addition to providing India with potash pre-mine construction, this sole-purpose vehicle enables Encanto to structure everything from short- to long-term supply agreements with existing producers, to envisioned merger and acquisition type transactions that would allow it to increase its supply capacity beyond the Company's flagship MFN property," President Stavros Daskos said in the statement.

In January, the company signed a memorandum of understanding with the National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Ltd. for an off-take agreement comprising at least 5 million tonnes per year for a minimum 20-year term, subject to final negotiations.