Organic Potash Corporation, which produces 99 percent pure potassium carbonate, outlined the developments of its production facility establishment.
Using proprietary patented technology, the Toronto-based corporation makes its potassium carbonate from agricultural waste ash that comes from cocoa husks. As the purity of the carbonate is extremely high, the company will be able to market its product to both agricultural and pharmaceutical industries.
In its progress report, the corporation confirmed the expected profitability that will come from the facility located in Cote D'Ivoire; they also located a two-acre facility site, which is near a major port and lies in the south-western cocoa region.
The fact that there are no local producers of potassium carbonate in Cote D'Ivoire make the prospects high, thanks to high demand.
The core management team for the facility has been organized and the supply chain contract for 300,000 tons of cocoa husks is currently in process.
Heather Welner, president and CEO of Potash, spoke about the company's advancements.
"We are quite pleased with the progress made and goals achieved in the Ivory Coast and look forward to the solidifying of funding and thereafter the commencement of construction of the plant facility," Welner said.
The corporation will make regular payments of $25,000 for three months, beginning in May, to cover the remaining share purchase.