Italian-Thai Development Public Co. Ltd., Bangkok, on Oct. 7 announced that majority-owned subsidiary Asia Pacific Potash Corp. Ltd. (APPC) has been granted a potash mining license from the Udon Thani Provincial Industrial Office. Italian-Thai shares advanced as much as 18% after the announcement, according to Bloomberg.
The Udon South Potash Project has an estimated total mineral reserve of 85.8 million mt, which could yield an estimated 33.7 million mt at a maximum production rate of 2.1 million mt/y. APPC is obligated to sell domestically about 700,000 mt/y, with the surplus 1.4 million mt/y permitted to be exported. At present, Thailand imports all of its potash.
The license was granted for 25 years and is extendable for another five years. The construction period for the mine is put at three years, with potash expected to be produced over a 21-year period.