African Potash signs first offtake deal under Comesa trading agreement
JOHANNESBURG (miningweekly.com) – Aim-listed African Potash has entered into a memorandum of understanding (MoU) that will see it supply a Zambia-based fertiliser supply company with more than 50 000 t of fertiliser.
This was the first offtake deal under the trading agreement concluded between African Potash, the Mask Africa Crowd Farm Fund (MACFF) and the Common Market for Eastern and Southern Africa (Comesa) earlier this month.
Under the terms of that agreement, African Potash and MACFF would supply and deliver at least 500 000 t/y of fertiliser to offtakers identified and introduced by Comesa. African Potash would source, deliver and fund the delivery of fertiliser through its proprietary network and methods.
Although the agreement with the Zambia-based company was still subject to the conclusion of definitive transaction agreements, the first delivery was set for September.
African Potash chairperson Chris Cleverly said the MoU was significant for the company’s strategy to become a vertically integrated Africa-focused fertiliser business.
“It is also a significant leap for agriculture in the Comesa region. The directors assess that 65% of Africa’s labour force is engaged in agriculture, 60% of the world’s uncultivated land is also in Africa and, with a fast-growing global population, it is vital that the continent plays a leading part in the global food chain.
“There is a need for a structured commercial framework for fertiliser. As an example, the average Ugandan farmer pays twice as much for a bag of fertiliser than his European or American counterpart. It is both our opportunity and our duty to do better than that,” he stated.
African Potash was also continuing work on its Lac Dinga potash project in the Republic of Congo.
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