African Potash Limited ('African Potash' or 'the Company')
Acquisition of Fertiliser Trading Subsidiary
African Potash, the AIM listed exploration company focused on the vertical integration of fertiliser operations in Africa and sub-Saharan potash assets, is pleased to announce that, further to the agreement with Beryl Holdings (Pty) Ltd ('Beryl Holdings') announced on 1 December 2015, African Potash has acquired, via its wholly owned subsidiary, African Fertilisers Limited, 100% of a newly formed Mauritian company under which Beryl Holding's main fertiliser trading activities (which include trading, logistics and financing) will be restructured and operated. The new subsidiary is named African Fertilisers (Mauritius) Limited ('African Fertilisers').
African Potash Executive Chairman Chris Cleverly said, "I am delighted to provide this update on our fertiliser trading operations as our strategy to generate immediate cash flow from trading begins to bear fruit for the Company."
African Potash is an AIM quoted company focussed on building a vertically integrated platform for the mining, production and distribution of fertiliser, primarily within Africa.
The Company has a trading agreement with the Common Market for Eastern and Southern Africa ('COMESA'), a free trade union for twenty African member states, to supply and deliver at least 500,000 metric tonnes of fertilisers on an annual basis to off-takers identified and introduced by COMESA.
The Company also operates the Lac Dinga Project in the Republic of Congo, which is prospective for potash, a key source of potassium fertiliser.
This information is provided by RNS
The company news service from the London Stock Exchange