A Chinese firm has bought eight potash exploration sites near Regina for $110 million.

China-based Yancoal Canada Resources Co. Ltd. bought the properties from North Atlantic Potash Inc., the latter revealed on Friday. North Atlantic is itself the Canadian subsidiary of Russian fertilizer company JSC Acron.

North Atlantic CEO David Waugh said the sale allows the company "to substantially increase" its exploration of other sites in Saskatchewan.

North American Potash began a partnership with a major international mining company, Rio Tinto PLC, only a few days ago.

"North Atlantic Potash has moved quickly to prioritize and maximize the potential of its potash permits in Saskatchewan," company president Arie Zuckerman said Friday in a release.

"After a successful closure of an important JV with RioTinto, this deal positions North Atlantic as a central player in the emerging potash development arena," Zucherman said.

 

With files from the Canadian Press