Encanto Potash Corp. and the Muskowekwan First Nation are pleased to announce the confirmation of the Government of Canada’s funding to support the upcoming engineering steps of the Encanto/Muskowekwan potash project via Indigenous Services Canada.
The collaborative process between Indigenous Services Canada, Muskowekwan First Nation, and Encanto Potash Corp. started in the fall of 2017, working together diligently to maximize the appropriate and timely financial support for the engineering project needs as efficiently as possible.
“I am proud of the team effort that brought us to this stage and the cooperation we received from Indigenous Services Canada,” says Richard Lively, Encanto’s new chief operating officer. “We are delighted that both the provincial and federal governments have the confidence in our plan to move the project forward and see this as the beginning of a long-term successful relationship.”
The project, due to its First Nation ownership stake, as well as the 20-year off-take signed by the National Federation of Farmers’ Procurement, Processing, and Retailing Cooperatives of India Ltd., which represents 25 of the 29 states of India, was highlighted as a strong opportunity for funding as the project will share benefits for all parties, specifically through First Nations development and international trade relationships for Canada.
“Today’s funding is an example of how the Government of Canada can support initiatives that fuel the economy, foster partnerships and accelerate regional growth in Indigenous communities. Canada is pleased to provide the funding through the Community Opportunity Readiness Program to the Muskowekwan First Nation, as it promotes economic development and advances reconciliation,” said the Honourable Jane Philpott, M.D., P.C., M.P., Minister of Indigenous Services..
Encanto’s chief executive officer, Stavros Daskos stated, “This financing will accompany the funds available to be utilized from the $100 million subscription agreement signed with Global Emerging Markets.” Mr. Daskos would also like to thank Richard Lively, Encanto’s new COO, who was able to review the current engineering and assist in the success of this Government funding process.
Encanto and the Muskowekwan First Nation will utilize the funds to finalize the environmental gap analysis, water study, and value engineering study. On this path forward, the project looks to be shovel-ready by November of 2019.