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Indian chemical company buys stake in Canadian operation

Published by Steve Coleman on August 25, 2011

Tata Chemicals Ltd. has bought itself a little slice of Canada.

The Mumbai, India-based chemical maker has entered into a $16 million agreement to buy a 30 per cent share of EPM Mining Ventures Canada.

The Canadian mining company says it plans to use the cash infusion for a further evaluation of its properties and as general working capital. The investment will be controlled by Valley Holdings Inc., an EPM subsidiary.

Valley Holdings acquired a 33 per cent share of EPM Mining Ventures, USA in May.

EPM Mining is an exploration-stage potash development business with its main focus on 95,172 acres at Sevier Dry Lake in Utah. EPM also holds 40 per cent of Emerald Peak Minerals, which controls 6,409 acres of land leased from the state of Utah contiguous to the federal land leases held by EPM.

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