Genesis Fertilizers, the Saskatchewan-based fertilizer manufacturer, is about to hire a financial advisor for a capex CAD $2bn urea production project in development near Belle Plaine, sources told ReSource.
The project has raised CAD $100m from farmers in Western Canada and is targeting CAD $450m in total equity inputs, sources said.
The facility seeks to emulate the success of the Yara Belle Plaine nitrogen complex in the region, one source said. Production costs run about CAD $70 per ton and can be sold for CAD $650.
The production of urea will use natural gas and include carbon capture components, sources said.
Genesis declined to comment.
According to the company website, the facility would produce more than 1.1m mtpy of ammonia urea fertilizer. About 75% of that would be sold to farmers, with the rest going to the open market.
