All posts by mickeybarb@charter.net

Gensource Seeks C$6 M in Private Placement; Innovare Deal Expires Due to Lack of Financing

News, News Briefs, Potash, Saskatchewan

Junior miner Gensource Potash Corp. on Dec. 1 announced a proposed best efforts, nonbrokered private placement for gross proceeds of up to C$6 million. Some 20 million units will be offered at C$0.15 per unit for proceeds of up to $3 million, while 15 million common shares would be sold as “flow-through shares” at $0.20 per share for gross proceeds of $3 million.

Gensource said that the unit sale proceeds will go to advance the Tugaske Project, specifically to continue with detailed engineering and procurement activities, complete well pad leasing and drilling planning, obtain pipeline rights of way, complete the financing process of the project, and for general working capital purposes. Use of proceeds from the sale of the flow-through shares will be used to further expand resource definition, with the aim of developing a second project within the Vanguard Area.

In related news, Gensource said on Nov. 28 that its plan to acquire Innovare Technologies Ltd. (GM April 15, p. 28) has formally expired, as it was contingent on the receipt of full project financing by Aug. 31, 2022. However, Gensource said all the parties remain interested and ready to proceed with the transaction once project financing is complete.

Gensource had planned to buy 100% of the London-based privately-held developer of patented selective solution mining and brine processing technology in a deal that valued Innovare at US$11.5 million.

SABIC, Aramco Tout Blue NH3 Shipment

Blue Ammonia, Blue Hydrogen, News, News Briefs, Saudi Arabia

SABIC Agri-Nutrients and Aramco have announced that the Vessel Seasurfer, carrying 25,000 mt of independently certified low-carbon “cradle-to-gate” blue ammonia, is expected to reach its destination in South Korea between Dec. 9-13, marking the world’s first commercial shipment of its kind. Lotte Fine Chemical (LFC), which has a long-standing relationship with SABIC AN, will receive the product.

Earlier this year, SABIC AN and Aramco received the world’s first independent certifications recognizing blue ammonia and blue hydrogen production from TÜV Rheinland, a leading independent testing, inspection, and certification agency based in Germany. The shipment of blue ammonia to South Korea will be the first to capitalize on this certification achievement.

ATOME Plans to Double Green NH3 Production at Paraguay Project

Green Ammonia, News, News Briefs, South America, United Kingdom

ATOME Energy PLC, Leeds, UK, on Dec. 1 announced that it plans to expand its flagship green ammonia production project in Villeta, Paraguay, from 60MW to 120MW. This doubling of capacity will enable the facility to produce up to 100,000 mt/y of green ammonia.

The company will buy its renewable power from ANDE, the Paraguayan National Power Company, which agreed to boost sales to ATOME from 60MW to 120MW. ATOME said the power purchase agreement is the largest between ANDE and an industrial user.

The green ammonia facility will be on a 75-acre Villeta site acquired earlier this year that is adjacent to ANDE’s newly-built and commissioned substation.

The company also announced the appointment of engineering firms as Front-End Engineering Design (FEED) contractors for project – Casale SA, Urbas Energy-Ingeser, and TSK. The consortium will, on a fast-track basis, complete their study by early first-quarter 2023 with Final Investment Decision (FID) to follow thereafter.

ATOME said the Villeta Project is the first phase of its planned 420MW pipeline in Paraguay. It expects the 120MW project will be the largest dedicated green ammonia facility in Latin America by the time it is operational in 2025. ATOME is pursuing green hydrogen and ammonia production in both Paraguay and Iceland.

Indemitsu, Partners Study Green Ammonia Production for Abbot Point in Australia

Australia, Green Ammonia, Japan, News, News Briefs

Japan’s Idemitsu Kosan Co. Ltd., along with participating companies Energy Estate Pty Ltd. and CS Energy, which is owned by the Queensland government, have announced that they are studying the manufacture, storage, and export to Japan of some 500,000 mt/y of green ammonia at Abbot Point Port in Queensland, Australia.

The project, Hydrogen North Queensland (HyNQ), would include the construction of power supply facilities such as solar and wind power generation and assessment of water sources and processing facilities.

Arianne Phosphate – Management Briefs

Canada, Management Briefs, Phosphate

Arianne Phosphate,a development-stage phosphate mining company advancing its Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, on Nov. 29 announced that Dr. Raef Sully has joined the company as a Strategic Advisor. He comes to Arianne as a 10-year veteran of Nutrien Ltd. (and its predecessor, Potash Corp. of Saskatchewan Inc.), having most recently served as its Executive Vice President and CEO of their Nitrogen and Phosphate divisions.

Prior to Nutrien, he was with Bain & Co. in both Sydney, Australia, and Houston, Texas. He will begin his role with Arianne immediately, interfacing with the company’s management as they pursue their ongoing discussions with potential partners and offtakers.

First Phosphate Corp. – Management Brief

Canada, Management Briefs, Phosphate

Junior miner First Phosphate Corp., Saguenay, Quebec, recently announced the appointment of Bernard Lapointe to the company’s Advisory Board. He founded Arianne Phosphate Inc. in 1997 and served as its president until 2013.He holds a PhD in mineral resources from the Université du Québec à Chicoutimi (UQAC). Before Arianne, he was Director of the Fonds Minier du Saguenay-Lac-St-Jean, Quebec. He currently sits on the Board of Directors of several public companies in the resource and fertilizer sectors.

First Phosphate holds over 1,500 square kilometers of total land claims in the Saguenay Region of Quebec (GM Oct. 14, p. 28). It said the properties consist of a rare anorthosite igneous rock formation that generally yields high purity titanium oxide and phosphate concentrate devoid of high concentrations of deleterious heavy metals. It has been awarded drilling permits for its Lac à l’Orignal and Bégin-Lamarche properties as it develops its development plan to serve the North American lithium iron phosphate (LFP) battery industry.

AmmPower Corp. – Management Brief

Canada, Green Ammonia, Management Briefs

AmmPower Corp. said on Nov. 30 that company Co-Founder and Chief Technologist Dr. Zhenyu Zhang has made the Forbes 30 Under 30: Energy List for 2023. The list, published by Forbes Magazine, is a selection of young, “low-carbon visionaries” who are “powering the future of energy and sustainability.”

At AmmPower, Dr. Zhang manages the pre-FEED (Front-End Engineering Design) and FEED for multiple green ammonia production projects. This includes the technological development of the “world’s first decentralized and electrified ammonia production unit,” the Independent Ammonia Production Machine (IAMM™).

GROWMARK Inc. – Management Brief

Eastern Cornbelt, Management Briefs

GROWMARK Inc. on Nov. 29 announced the appointment of three new members to its Board of Directors.

Charlie Crow operates Crow Farms Grain and Cattle in Morgan County, Ill., with his family. The farm has 2,500 acres of corn and soybeans, along with 2,400 head of cattle. They also own and operate land in Illinois, Kentucky, and Florida. Crow has served on the Prairieland FS Board of Directors since 2017.

John Scates is a third-generation partner in his family’s 19,000-acre grain, vegetable, and livestock farm in Shawneetown, Ill. Scates has been on the Wabash Valley Service Co. Board of Directors since 2015.

Steve Hopkins joins the Board in the newly-created position of Advisory Director. Hopkins will bring subject matter expertise regarding agriculture and the role of cooperatives in the marketplace of the southern US. He owns and operates Riverview Farms Cattle LLC with his two sons in Louisa, Va. The sixth-generation farmer also served as an Agriculture Extension Agent for Virginia Tech for almost 30 years. In addition, Hopkins is a Board member of EverGRO Cooperative, the newest member company in the GROWMARK System.

“I’m confident these three new members will be excellent additions to the GROWMARK Boardroom, and that they will all find the experience rewarding,” added GROWMARK Board Chair John Reifsteck. “These three new members represent differing backgrounds and geographies, and we look forward to their diverse viewpoints in the boardroom.”

Reifsteck has announced his retirement, and a new Chair will be elected at the December GROWMARK Board of Director’s meeting. He has been on the Board for nearly 30 years, and Chairman for ten.

Fertilizantes Heringer – Management Brief

Brazil, Management Briefs, Specialty

Fertilizantes Heringer on Nov. 29 announced the resignation of its Chairman of the Board of Directors Tom Luigs. He had held the position for less than five months after being elected on July 15. Luigs also stepped down as a member of the Board.

Although brief, Heringer said that Luigs’ mandate as Board Chair was intense. It said that during the period, internal investigations of the company revealed a corruption scheme with payments of R$50 million overpriced in maintenance service contracts (see related story).

Luigs was placed in chairmanship role by EuroChem Group AG, which acquired control of Heringer indirectly through the purchase of the Heringer family company, which owned more than half of the Heringer company shares (GM April 1, p. 28). At EuroChem, Luigs had held the position of COO since April 2022, having spent more than four years with the company.

Heringer said it will convene an Extraordinary General Meeting to elect a new member to the Board. The definition of the new Chairman of the Board, according to the company’s statement, will be defined at the subsequent meeting. Until then, the position left by Luigs will be held by the current CEO and Vice President of the Board Lieven Cooreman.

Yara Boosts Fertilizer Production; Looks at African Ammonia Expansion

Africa, Ammonia, Natural Gas, News, News Briefs, Norway

Yara International ASA is increasing fertilizer production as the price of natural gas has fallen, CEO Svein Tore Holsether said in an interview with Bloomberg in Nairobi on Nov. 25. However, he noted that gas prices remain a risk.

He said the most critical period in terms of gas supply was August and September. Holsether added that Yara is looking at expanding ammonia production in Africa. “The place where it makes most sense to scale up is right here in Africa.”