agricultural supplies

Michigan Potash & Salt Company Signs 100 Percent Offtake Agreement with Agricultural Leader

EVART, Mich. , April 5, 2022 /PRNewswire/ — Michigan Potash & Salt Company, LLC (MPSC) today announced the execution of an offtake agreement with a major United States-based agricultural company to take and distribute 100 percent of its first phase potash fertilizer production. Under the agreement, MPSC and the company will provide U.S. farmers with 650,000 tons annually of ultra-high grade, white potash fertilizer helping to strengthen domestic food security.   

Offtake agreement to take and distribute 100 percent of first phase potash fertilizer production

The offtaker is a supply chain leader in the production, processing and global movement of the World’s food. The two companies under the agreement will work together to ensure optimal pricing and timely delivery of critical crop nutrients.

“By partnering with an agricultural industry leader, Michigan Potash will help satisfy farmer requirements for potash as world supplies are unaffordable or utterly unavailable,” said Ted Pagano, founder and CEO of Michigan Potash. “Together, we will create a new, complementary production, logistical, and sales powerhouse by supplying Michigan White Potash to the American farmer.”

Currently, the U.S. imports approximately 96 percent of the potash necessary for healthy crops – including 1 million short tons per year from Russia as per the Department of Interior. At full buildout, MPSC’s project stands ready to replace one-to-one for those Russian imports of potash with domestic production from Michigan. 

“With foreign potash supply dramatically impacted by war, sanctions, tariffs, rail, and production challenges, MPSC represents a new, reliable, domestic source for U.S. producers,” said Ward Forquer, Vice President of Potash Markets. 

The Michigan Potash & Salt Company is in the final stages of financing for the construction and operation of the U.S.’s largest potash and food-grade salt facility near Evart, Michigan – home to one of the highest-quality natural potash and salt deposits in the world. Known as the U.S. Potash Project, the facility will strengthen and secure the supply of this critical mineral and fertilizer that only Michigan can supply domestically.

Creating more than 300 union construction jobs over three years and over180 full-time operations positions, the U.S. Potash Project represents over a $1 billion capital investment on a 150+ year resource base – making it one of the largest union-supported economic development projects in the country.             

About Michigan Potash & Salt Company
The Michigan Potash & Salt Company management team brings together over 300 years of industry experience, together with its EPC partner in Barton Malow – the largest trade employer in Michigan. The company is committed to developing the U.S. Potash Project in a safe and responsible manner that protects Michigan’s critical natural environment and waters while supporting communities across Osceola and Mecosta counties, Michigan. To learn more about the project, please visit www.mipotash.com.

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SOURCE Michigan Potash & Salt Company, LLC

https://markets.businessinsider.com/news/stocks/michigan-potash-salt-company-signs-100-percent-offtake-agreement-with-agricultural-leader-1031332388

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