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Tag: Phosphate Rock

CIL to increase BMCC stake

India’s Coromandel International (CIL) is set to increase its stake in phosphate rock producer Baobab Mining and Chemicals Corporation (BMCC) in Senegal further to 71.51% from 53.8%, according to local press reports. CIL is reportedly paying $7.7 million for an additional 17.69% equity stake, after previously raising its stake from 45% in September 2024. CIL originally announced it would take a stake in BMCC in 2022, when it paid $19.6 million for a 45% stake, along with a loan of $9.7 million into BMCC for capital projects and expansion. CIL plans to use the stake to ensure long term supply security of phosphate rock.

Daewoo to build phosphoric acid plant

Daewoo Engineering & Construction has signed a $700 million framework agreement to build a fertilizer plant in Turkmenistan. The agreement was signed in Seoul with Turkmenistan's state-owned chemical firm, Turkmenhimiya, according to the Turkmen Ministry of Trade, Industry and Energy, noting the Korean firm was named the preferred bidder for the project in October. The project aims to construct a fertilizer plant that will extract phosphoric acid from phosphate rocks and process the substance into 300,000 t/a of annually in eastern Turkmenistan by 2029.

Ammaroo phosphate project secures key mineral leases

Verdant Minerals says it has been granted two key productive mineral leases for its Ammaroo Phosphate Project by the Northern Territory government. The company says that this significant milestone advances one of the world's largest undeveloped phosphate resources, located about 220km southeast of Tennant Creek. Acting Chief Minister and Minister for Mining and Energy, Gerard Maley, stated, “This is a significant milestone in progressing a world-class resource project that will support jobs, drive investment, and strengthen the NT’s position as a leader in resource development.”