On October 25 a general shareholder meeting of Kazakhstan Potash Corp (KPC) will initiate business requisite to relisting the company’s shares on the Australian Stock Exchange (ASX). Shareholders will be asked to consider certain approvals required for KPC to proceed with the acquisition and associated funding of the acquisition.
Shares in the company, previously called Fortis Mining, were suspended in 2011. Since then extensive efforts have been undertaken to reorganize, install a new board, change the company name, strengthen the balance sheet and complete the acquisition of potash deposits in Kazakhstan.
In May the company announced transactions to acquire a 100% interest in the Satimola potash and borate project in Kazakhstan by acquiring all issued shares in Satimola Ltd, a British Virgin Islands-based company.
Board officials consider Satimola to be one of the world’s most advanced potash projects and production-ready within a short time frame. The project complements KPC’s existing interests in the Zhilyanskoe and Chelkar potash projects, also in Kazakhstan and which the company agreed to acquire in March 2012.
Combined, these assets are expected to position KPC strongly in the expanding global fertilizer industry. The company’s acquisition of the Satimola project is subject to approval from the government’s Ministry of Industry and New Technologies of Kazakhstan and receipt of all regulatory and shareholder approvals.