Russia's Acron, Rio Tinto Form JV To Develop Albany Potash Prospect In Canada

(RTTNews) - Russian mineral fertiliser producer Acron group Friday announced that it has recently formed a joint venture with Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) to develop Albany potash prospect in Saskatchewan, Canada.

Acron stated that the JV company formed between Acron's Canadian subsidiary and Rio Tinto to continue evaluation of the development of the jointly held potash properties in Saskatchewan Canada, held its first Board of Directors meeting in London, UK today.

The JV company holds nine potash permits covering 586,000 acres in the southern region of the district. The work undertaken has focused on permit KP 405 (the Albany Project) with the completion of drilling 13 wells, a 3-D seismic survey, and the preparation of a 43-101 Compliant Resource Study.

Arie Zuckerman, President of North Atlantic, part of Acron, said, "Since cooperation began in 2011, the joint venture parties have worked diligently on an exploration program within our permitted areas. The size, quality, and temperature characteristics of our Albany project in particular, position it as one of the best potash development opportunities in the world."

The next steps for the project include continuation of the environmental assessment and the pre-feasibility study, the company noted.