Organic Potash signs MOU for co-op deal with PALMCI 2022-01-04 12:36 ET - News Release
Ms. Heather Welner reports
OPC ENTERS INTO MEMORANDUM OF UNDERSTANDING WITH PALMCI
Organic Potash Corp., through its subsidiary in West Africa, OPC Ivory Coast (OPCIC) Inc., has entered into a memorandum of understanding for a co-operation agreement with PALMCI, a leader in the production of refined palm oil products, with the largest palm oil refining plant in Africa. PALMCI is a subsidiary company of the SIFCA Group, a major global player in several agro-industrial fields. The agreement opens up the possibility of producing a mix of food-grade potassium carbonate crystals (at 99 per cent purity), potassium carbonate solution and organic sourced fertilizers using the company's licenced technology.
Following the successful testing and determination, the parties will review a potential investment decision to construct a first production unit on a PALMCI site in the Ivory Coast. In parallel, OPC Ivory Coast will begin next year preliminary pilot operations of the production of cocoa-based potassium carbonate and other products.
The mixture of cocoa and palm oil production waste are the two key ingredients envisaged under this agreement. Africa supplies approximately 75 per cent of global cocoa, with the Ivory Coast alone producing 43 per cent. The Ivory Coast is also the 11th-largest supplier of palm oil in the world and second-largest in Africa.
Heather Welner, president and chief executive officer of the company, stated: "This opportunity of collaboration with PALMCI provides OPC with an opportunity to determine the ability to potentially expand its raw material base and increase supply chain accessibility and availability. PALMCI is a leader in its field in West Africa and will enhance the collective knowledge gained through the agreement."
About Organic Potash Corp.
Through its proprietary licensed, patented technology, Organic Potash produces 99-per-cent-plus-pure potassium carbonate (potash) from the ash of agricultural waste, in particular cocoa husks but now with a view to including palm waste. The purity of the company's potassium carbonate will allow Organic Potash to target multiple industries, including the agricultural and pharmaceutical industry. Organic Potash is headquartered in Toronto, Ont., and its shares trade on the Canadian National Stock Exchange under the trading symbol OPC.