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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (66614)	8/30/2010 10:06:58 PM
From: LoneClone	Read Replies (1) \| Respond to of 194043

UPDATE 1-MagIndustries re-assessing options on Congo potash mine reuters.com Mon Aug 30, 2010 7:01pm EDT * Says deal with China's Complant yet to close * Continues talks with Complant on non-exclusive basis Aug 30 (Reuters) - Canada's MagIndustries Corp (MAA.TO) said it was re-assessing other options for its Congo potash mine as China's Complant (000151.SZ), which had agreed to buy a majority stake in the project, was yet to get approval for the deal. MagIndustries said the companies were expected to sign the project development agreement on its Mengo potash mine by the end August, but Complant -- China National Complete Plant Import and Export Corp Ltd -- has yet to get approval from the controlling shareholder, State Development and Investment Commission (SDIC). "Pending the results of SDIC and other Chinese governmental approval processes, MagIndustries continues in active dialogue with Complant, however on a non-exclusive basis, and is re-assessing other options in light of the dramatic changes occurring in the industry," it said. BHP Billiton's (BHP.AX) $39 billion bid for the world's largest potash producer Potash Corp (POT.TO) has brought small and mid-sized potash explorers into focus. Shares of Canada-listed potash exploration companies have risen on average more than 20 percent in the last two months, as interest in the fertilizer sector has spiraled to levels reached in mid-2008, when share prices peaked at the height of the commodity boom. [ID:nN23128720] As part of the deal signed in July, MagIndustries and Complant had agreed to build a 1.2 million tonne per year potash project. MagIndustries' shares, which have risen 42 percent since their 52-week low in July, closed at 40 Canadian cents Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Vinu Pilakkott)