TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Organic Potash Corporation (“OPC” or the “Corporation”) OPC is pleased to announce a significant event, with respect to its operations in West Africa.
Further to its press release of December 21, 2018, OPC together with NCV, its joint-venture partner in Côte d’Ivoire have executed on December 30, 2019, a joint-development agreement (“JDA”) with Electricité de France S.A. (“EDF”). EDF is a global leader in low-carbon energy production.
The JDA enables the completion of detailed technical studies and negotiation of financial terms over the next year, leading to the launch of a first industrial plant using cocoa pod husks to annually produce electricity (1.8MW) and 2,500 tonnes of ash which will be transformed into a mix of food grade potassium carbonate crystals (at 99% purity), potassium carbonate solution and organic sourced fertilisers using OPC’s licenced technology. As a term of the JDA, OPC will be contributing technical expertise.
Following the potential successful launch of this first integrated energy/potash plant, the project partners intend to install similar modular units with an objective to produce an annual minimum of 10MW of electricity and process over 12,500 tonnes of cocoa husk ash in Côte d’Ivoire. Africa supplies approximately 75% of global cocoa. Ivory Coast alone produces 43%. This represents a unique opportunity for major growth prospects for OPC and its technology.
From a socio-economic impact perspective, the project is expected to increase and diversify the revenues of cocoa farmers, especially women, provide electricity to remote rural regions through mini-grids, reduce imports of potassium carbonate for local chocolate manufacturers, provide organically sourced fertiliser to farmers and reduce the impact of pests and diseases on cocoa farmers as a results of cocoa husks previously abandoned on farms.
OPC further announces the closing of its Private Placement announced in its press release of November 11, 2019 as at December 29, 2019.
Mrs Heather Welner, President and CEO of OPC stated: “The industrial application of OPC’s licenced technology in an integrated energy/potash project in partnership with a global electricity producer is the culmination of years of R&D and the successor to our previous successful completion of the pilot plant in Ghana. We strongly believe that this commercially robust development plan in Côte d’Ivoire will now serve as a model implementation in other cocoa producing countries and that will enable OPC to continue to grow and enhance shareholder value.”
About Organic Potash Corporation
Through its proprietary licensed, patented technology, Organic Potash Corporation produces 99%+ pure potassium carbonate (potash) from the ash of agricultural waste, in particular, cocoa husks. The purity of the company’s potassium carbonate will allow Organic Potash Corporation to target multiple industries including the Agricultural and Pharmaceutical industry. Organic Potash Corporation is headquartered in Toronto, Ontario and its shares trade on the Canadian National Stock Exchange under the trading symbol “OPC”. For further information, please visit the company website at www.organicpotash.com.
For further information please contact:
Mrs. Heather Welner
President and CEO
Organic Potash Corporation
Tel: (905) 452-8060
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.