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African Potash to Support Ugandan Fertilizer Industry

Source: www.gulfoilandgas.com 6/13/2016, Location: Africa

African Potash, the AIM listed exploration company focused on the vertical integration of fertiliser operations in Africa and Sub-Saharan potash assets, confirms that, following press speculation, it has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uganda to support the development of a fertiliser industry in Uganda which will seek to help ensure the availability and effective distribution of fertilisers to Ugandan farmers. This MoU is supported by the Common Market for Eastern and Southern Africa (COMESA), with whom African Potash has a trading agreement.

Under the terms of the non-binding MoU, African Potash will endeavour, on a best efforts basis, to source 20,000 metric tonnes (MT) of fertilisers internationally and arrange delivery to Kampala, Uganda for purchase by the Government of Uganda. African Potash will also conduct a Feasibility Study in order to assess the viability for the manufacture of fertilisers in Uganda using local materials. Depending on the results of this study, a further agreement for the establishment of a facility for the manufacturing of fertilisers may then be entered into by the two parties. The MOU is subject to the signing of definitive legally binding agreements. In the event the Company enters into legally binding definitive agreements in respect of the MOU, a separate announcement will be made. There can be no guarantee that any such definitive agreements will be entered into or that any such fertiliser deliveries will be made.

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