ICL signs MOU establish phosphate operation in Namibia

ICL signs MOU to establish phosphate operation in Namibia

11:23 AM, 8th December 2015
ICL signs MOU to establish phosphate operation in Namibia
Stefan Borgas, CEO of ICL. (File photo)

TEL AVIV, ISRAEL: Israel Chemicals Ltd (ICL) said that it signed a memorandum of understanding (MOU) with LLNP Ltd, a Namibian subsidiary of the Leviev Group, to perform a feasibility study to establish a world-scale phosphates and downstream production business in Namibia, including fertilizer-grade phosphoric acid, white phosphoric acid, bulk fertilizers (eg MAP and DAP) and specialty fertilizers.

LLNP holds permits and exploration rights to mine phosphate deposits that are estimated to total approximately one billion tonne.

The cost of extracting the phosphate is anticipated to be competitive compared to competitors, which, in turn, is expected to enable downstream production to deliver best cost of goods. The companies will finalize the technology development required to produce phosphate downstream products from marine deposits. A detailed feasibility study will be prepared to secure financing for the project, they said.

The location of the plant on Namibia’s Atlantic shore with close proximity to the marine mining site is expected to provide major logistical advantages by virtue of its proximity to markets in North and South America and competitive freight rates to East Africa.

The JV is part of the execution of ICL’s ‘Next Step Forward’ strategy to diversify its sources of phosphate-raw materials in order to build its specialty phosphate business, in this case in the Americas and Africa for the agriculture, food ingredients and engineered materials markets.

“Our joint platform will enable ICL to serve the evolving and fast-growing needs of the food and agro markets on the African continent. In the short term, we will focus on proving the technology required for this project. The majority of the substantial investment in the project is expected to commence in 3 to 4 years,” said Stefan Borgas, CEO, ICL.

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