Western Potash has entered court-supervised insolvency proceedings after defaulting on more than US$108 million owed to senior lender Appian Capital Advisory, putting its Milestone potash project near Regina up for sale. Despite more than US$240 million invested, the project, designed to produce 146,000 tonnes of potash annually over an estimated 40-year mine life, has never reached commercial production and has been on care and maintenance since May 2024, with another US$149 million estimated to be required for its next development phase. FTI is overseeing a 14-week sale and investment process, with binding bids due in December. The proceedings come amid heightened attention on Saskatchewan potash as Canadian governments debate whether the commodity, which supplies roughly 85% of U.S. demand, should play any role in Canada’s ongoing trade dispute with Washington.
