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Tata Chemicals announced on Friday that it overseas subsidiary Valley Holdings has acquired 16.7 million shares in EPM Mining, US.
The company said in a statement on the BSE that the 16.7 million shares represent 32.9 per cent of common shares on undiluted basis.
Valley Holdings had acquired 16.67 million shares in Yukon Inc in April this year for Rs 51 crore approximately. The company acquires the 32.9 per cent stake in EPM after EPM and Yukon Inc merged on May 26.
EPM holds the lease to mine potash in 95,172 acres of land as granted by the U.S. government. In addition, it holds 40 percent stake in Emerald Peak Mineral that controls 6,409 acres of land leased from U.S. state of Utah, Tata Chemicals said.
The company is also in the process of developing a Sulphate of Potash prospect in Sevier Lake, Utah. EPM also plans to list it shares at Ventures Exchange of the Toronto Stock Exchange for which the necessary applications have been filed.
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