Junior miner Gensource Potash Corp., Saskatoon, said that it has added France’s Societe Generale, Paris, to its financial team. The banking firm will be joint lead arranger alongside KfW IPEX-Bank, Frankfurt, Germany, for the senior debt facility for the Tugaske Potash Project.
“These two lenders are major players in the greenfield project finance in mining and agriculture sectors and have demonstrated success in financing fertilizer projects all over the world,” said Gensource President and CEO Mike Ferguson. He said the addition of Societe Generale is another significant step towards completing the financing that will move Tugaske to construction this year.
In January, Gensource said the Tugaske project is in the detailed project finance stage, with a goal to reach financial commitments in late spring 2020 and have construction commence thereafter (GM Jan. 31, p. 27). Also in January, the company announced that Helm Ag, Hamburg, Germany, and its North American subsidiary, Helm Fertilizer Corp., Tampa, are offtakers for 100 percent of its 250,000 mt/y Tugaske project’s production in the Vanguard area of Saskatchewan.