Encanto President Stavros Daskos commented on the transaction, "Various entities in India had been tasked over the years with reviewing dozens of potash property opportunities worldwide as part of their formal policy to secure a long term supply of potash for India. Due to a combination of the size, high grade reserves, the simple geology, low environmental impact, solution mining advantages in terms of employment safety and faster path to production, it was determined that Encanto offers the best potash opportunity for India such that MMTC decided to move forward with a long term supply agreement. This will bring the Company great options, including significant near term revenue and a bright long term future."
"To that end, I would like to personally thank H.E. Nadir Patel the Canadian High Commissioner to India and his Government of Canada staff who provided the invaluable support and guidance that made it possible to bring an agreement of this magnitude to this advanced stage."
"This is an exciting day for the Council and the people of Muskowekwan. Production from the first potash mine on First Nation land is now one important step closer and we welcome both the coming direct job creation, spin off employment opportunities and own source sustainable revenue. The new opportunity of facilitating an immediate supply of potash to India will allow us to accelerate our joint goals with Encanto of enhancing First Nations and Indo Canadian skills training and education in conjunction with preserving our important cultural heritage" stated Muskowekwan First Nation Chief Reginald Bellerose.
