MagIndustries pens loan agreement with majority shareholder

Potash hopeful MagIndustries said on Tuesday its 77% shareholder, China’s Evergreen Resources, had agreed to loan it C$50-million, and that Longbo Chen had joined as co-CEO, with Ren Zhao becoming co-CFO. Evergreen in July bought 77% of...

MagIndustries agrees to C$115m bid from Chinese group

MagIndustries, which owns potash properties in the Republic of Congo, has agreed to a C$115-million takeover offer from Chinese group Evergreen Industries, it said on Wednesday.The C$0,25 a share bid represented a 64% premium to the stock’s...

MagIndustries gets interest from 'several' potential backers

Potash junior MagIndustries has received “several” approaches from companies interested in funding its Mengo project in the Republic of Congo (Brazzaville), and continues “to actively pursue discussions with a significant industrial...

Republic of Congo gives green light for MagIndustries potash project

TSX-listed MagIndustries has received final approval from the Republic of Congo of the environmental and social impact assessment study for its Mengo potash project, the company announced on Friday. Sustainable Development, Forest Economy and...

MagIndustries inks accord with China National for Congo potash project

TSX-listed MagIndustries has signed a project development framework with China National Complete Plant Import & Export Company (Complant), for the financing and development of its Mengo potash project, in the Republic of Congo. If all goes to...

Mag still hopeful of Sinohydro deal, but starts other talks

Toronto-based MagIndustries remains “optimistic” that a proposed deal with China's Sinohydro Corporation will be completed, but in the meantime has allowed an exclusivity period to expire and is holding talks with other interested parties to...

Mining in Africa projects 2009

A sample of projects taking place across the African continent.

MagIndustries unveils Sinohydro as mystery investor

Toronto-based MagIndustries plans to sell a stake of almost 53% to China's Sinohydro Corporation, the firm revealed on Thursday. Sinohydro will buy 400-million shares at C$0,70 apiece, for a total of C$280-million.

MagIndustries says mystery investor is Chinese, shares rise

TSX Venture Exchange-listed MagIndustries revealed on Monday that an unnamed investor with which the company signed a memorandum of understanding last week, is a "large Chinese based multi-national company". Shares in MagIndustries, which is...

MagIndustries signs MoU to sell 52,7% to unnamed investor

TSX Venture Exchange-listed MagIndustries has signed a memorandum of understanding with a "strategic party", which, if completed, will ensure the company has all the funds it needs to build its Kouilou potash project, in the Republic of Congo....

MagIndustries will raise C$26m in equity offering

TSX Venture Exchange-listed MagIndustries will sell 62,15-million shares to raise C$26,1-million for its for its Kouilou potash project, in the Republic of Congo. A syndicate of underwriters led by Cormark Securities will sell the shares at...

Kouilou potash mine, Republic of Congo

The project involves the construction and commissioning of a 600 000-t/y potash plant to produce agricultural-grade potash fertilisers.