Comprehensive Mining Investment Agreement Signed for Kouilou Potash Project
MagIndustries Corp. (the "Company") (TSX VENTURE: MAA) is pleased to report that the Company and its subsidiary, MagMinerals Potasses Congo S.A., have signed a comprehensive agreement with the government of Republic of Congo ("ROC"), referred to as the Potash Investment Agreement ("PIA") or within the ROC as the Convention d'Exploitation Miniere. The PIA addresses all aspects of the Company's planned Kouilou Potash Project in the Mengo area near the ROC port city of Pointe-Noire, including key fiscal and development terms.
The PIA will proceed through a process of incorporation into a Law, which will need the approval of the ROC Parliament following its submission by the ROC Government and publication in the Official Gazette of the ROC. Until these processes are concluded the content of the PIA is subject to confidentiality terms.
- Published: 29 December 2008
- Written by Editor