by Greg Klein | September 28, 2015
Western Potash’s (TSX:WPX) revamped Milestone project has received Saskatchewan environmental assessment approval, the company reported September 28. Approval originally came through in April 2013 for what was then envisioned as a much larger operation. In early July Western announced a preliminary economic assessment for an upwardly scalable project using selective mining. The new plan slashes capex to $80.6 million.
The new methodology and design then underwent provincial review, with Saskatchewan’s Ministry of Environment concluding the proposal wouldn’t bring impacts significantly different from those identified in the original plan.
Milestone’s funding closed in mid-September with an $80-million investment from Beijing Tairui Innovation Capital Management and $720,245 from CBC (Canada) Holding Corp.
Western also announced the election of Tairui nominee Chang Xiaogang as chairperson. Holding a master’s degree in business administration from Tsinghua University School of Economics and Management, Chang has served as president/chairperson of Shanxi Top Energy Company, deputy chairperson of Shanxi Securities, deputy chairperson of Shanxi Zhangze Power Company and chairperson/president of Shanxi International Power Group. Chang also served as a full-time independent director of China’s state-owned Assets Supervision and Administration Commission.
“Mr. Chang and Tairui bring a wealth of relevant experience that will help guide Western as the company begins the transition to project construction,” commented CEO Patricio Varas.