(MENAFN) A Chinese investment company is set to invest a total of USD80.6 million in Western Potash, a Canadian mining company based in Vancouver, Leader Post reported.
The agreement comes in after a week from Western Potash announcement of partaking in a USD80.6 million investment to construct a pilot plant at its Milestone potash project.
Beijing Tairui Innovation Capital Management investment will be of a tremendous help in building the pilot plant, which is set to utilize horizontal drilling technology to dig up 150,000 tons of potash annually.
"This (deal with Tairui) is very positive for the company. The alternative was to sit and wait for better markets. I think they see a huge opportunity ... (Western Potash) is hugely undervalued," the CEO of Western Potash said.
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