Essel Group ME Limited (“EGME”) provides an update on its Vanguard Potash Corp joint venture (“Vanguard”) with Gensource Potash Corporation (“Gensource”) (TSX.V: GSP).
EGME confirms that due to the incurrence of expenses before the JV agreement in question was finalised, contractual obligations relating to Vanguard have not been met by Gensource within the agreed timeframes. The arrangement has been terminated by mutual consent and with immediate effect.
EGME is still wholly committed to its potash business.
For further information please contact:
Kriti Ladsaria, Essel Group Middle East +971 4 2793955
Dorothy Burwell / Charles O’Brien, Finsbury +44 20 7251 3801
EGME operates subsidiary businesses in the natural resources, nuclear energy, financial services, industrial supply and logistics, education and media sectors. Its natural resources portfolio includes oil and gas, potash and iron ore assets. EGME pursues growth through the acquisition of underdeveloped assets at competitive valuations. Currently, its anchor assets are located across Africa, where there is significant potential and a competitive cost environment.
EGME is a part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology. Building on Essel Group’s 90 year history of developing and promoting businesses, EGME is leading the expansion of the Group’s presence in Europe, the Middle East and Africa.
For further information, please visit www.esselgroupme.com