Another player in the potash industry looks like they have their future set on development in east-central Saskatchewan.

Karnalyte Resources Inc. stated on Monday that they have inked a deal with a company in India that includes financing to begin Phase 1 of a 625,000 tonne potash mine.

The deal includes over 85,000 acres of land about half of a kilometre south of Wynyard. The company considers this a monumental signing.

The Wynyard project is expected to be phased in in three different stages increasing by 750,000 tonnes per year in the second phase, and growing to 2.125 million tonnes per year in the third phase.

The deal is reportedly in the $700 million(US) range and the Calgary based company says they should begin construction in October.

The mine's construction is expected to create 300 jobs and 80-90 permanent ones.