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A financing agreement worth about US$700 million means construction of the first phase of a proposed potash mine near Wynyard could begin as early as this fall, according to Calgary-based mining company Karnalyte Resources Inc.

“By Sept. 30 we’ll have the financing in place, and I’ll have dirt flying the next day. That’s how fast we’re ready to go,” Karnalyte founder and president Robin Phinney said Monday, noting that all permits and engineering work for the proposed mine site are in place, and that construction and commissioning are expected to take 30 months.

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Karnalyte plans to build its solution mine, the Wynyard Carnallite Project, in phases. The first phase is expected to produce 625,000 tonnes per year, and the completed mine’s capacity is expected to reach 2.125 million tonnes per year. Work on the first phase will be entirely underwritten by Gujarat State Fertilizers and Chemicals Ltd. (GSFC), a fertilizer company based in India, in exchange for a temporary 51 per cent voting share in the company.