TORONTO, ONTARIO--(Marketwired - Jun 12, 2013) - MagIndustries Corp. (MAA.TO) (the "Company" or "MagIndustries") is pleased to report that the first ship carrying construction equipment and materials for construction of the Company's 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo (the "Project") arrived in Pointe Noire, Republic of Congo on June 12, 2013.
The cargo with a total weight of about 4,900 tonnes originated from the Port of Shanghai, China. It includes some 2,000 tonnes of steel re-bar, 1,000 tonnes of cement, forty trucks, twelve generators and a gravel crushing plant. The shipment also contains various pieces of earth moving equipment including an excavator, land leveler, concrete mixer, pile driving machine, weighbridge and a concrete pump.
The shipment, organized by the General Contractor for the Project, East China Engineering Science and Technology Co., Ltd. (ECEC), is a major step in mobilization of ECEC and its subcontractors for the full start of construction of the various facilities and installations required for the Project:
- a solution mining of carnallite ;
- a processing plant;
- a drying and compaction plant ;
- a port terminal;
- water pumping station ;
- infrastructure such as roads, pipelines and high voltage electricity lines
The Project has a designed capacity of 1.2 million tonnes per annum (mtpa) of potash fertilizer to supply growing demand from major markets. -. The implementation of this strategic project will position the Republic of Congo as the first potash producer in Africa and contribute to the economic and social development of the Republic of Congo in line with the economic vision of President Denis Sassou Nguesso.
MagIndustries is a Canadian company whose common shares are listed on the Toronto Stock Exchange and trade in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, the risks associated with the development of a project with the scope of the Project and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise other than as may be required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102