Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
IC Potash Corp. on Thursday announced that the company has received final approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares on the TSX. The common shares of IC Potash are expected to commence trading on the TSX on Friday, June 10, 2011 under the symbol “ICP”.
“The IC Potash team is proud to have received final approval to graduate to the TSX,” said Sidney Himmel, President and CEO of IC Potash. “Graduating to the TSX represents a significant corporate accomplishment and milestone for the Company. The listing of our shares on the TSX is expected to provide greater accessibility and liquidity to a broader group of investors and provide increased market recognition and access to capital. The TSX is the premier stock exchange in the world for mining companies and a main-board listing will increase our visibility with investors everywhere. I would like to thank everyone who has been involved in the Companys development to date for their hard work, which has led to the Companys graduation to the TSX.”
Upon listing on the TSX, the common shares of IC Potash will cease to trade on the TSXV.
IC Potash intends to become a primary producer of Sulphate of Potash “SOP” by mining its 100%- owned potash Ochoa property in New Mexico. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of Muriate of Potash “MOP”, the most widely used fertilizer in the world.
Typically SOP sells at a premium of 50% to MOP. IC Potash is focused on being the lowest cost producer of SOP in the world. The SOP market is six million tonnes per year. SOP is a significant fertilizer in the fruit, vegetable, tobacco, potato, and horticultural industries, and for agriculture in saline and dry soils and soils in which there is agriculture with varieties of crops. Much of the agricultural soil in China, India, and the United States is salty. IC Potashs Ochoa property consists of over 100,000 acres of federal subsurface potassium prospecting permits and the State of New Mexico Potassium mining leases.
Image of Carlsbad, New Mexico close to the Ochoa Project courtesy of the company. For more on the company click here.
