China’s sovereign wealth fund China Investment Corp may finance the Ethiopian potash project planned by China Mining United Fund, a top official familiar with the situation said.
The Ethiopian potash project is one of the largest in the world with a projected output of about 200 million metric tons.
The $300bn investment company is considering a stake in the potash project or to fund part of the project’s construction costs.
The official said that it is not possible to develop such a significant project without government’s support, according to the Wall Street Journal.
The potash project is being jointly developed by China Mining United Fund and Canada’s Allana Potash.
China imports around 80% of its potash.