Itafos merge with Canadian mining company GB Minerals

Itafos to merge with Canadian mining company GB Minerals

5:19 AM, 30th December 2017
GB Minerals’ Farim phosphate project in Guinea-Bissau, West Africa.
GB Minerals’ Farim phosphate project in Guinea-Bissau, West Africa.

TORONTO, CANADA: Itafos, an integrated producer of phosphate-based fertilizers has entered into a definitive arrangement agreement to merge with GB Minerals, which owns the Farim phosphate project in Guinea-Bissau, West Africa, with a view to further develop the Farim project.

Itafos is the second largest investor in GB Minerals since January 2014.

GB Minerals shareholders said that it will benefit from the opportunity to participate in a combined company with enhanced technical expertise, project management capabilities and financial resources.

Directors and executive officers of GB Minerals, as well as Aterra, collectively holding 48.67 percent of the outstanding common shares of GB Minerals, have entered into voting support agreements with Itafos in respect of the transaction.

Aterra to become and remain a shareholder in Itafos. The disinterested members of the boards of directors of both Itafos and GB Minerals have unanimously approved the transaction which is expected to close in late February 2018.

“The transaction with Itafos provides a clear path for the Farim project to be fully financed and developed with a group that has rapidly demonstrated it can transact and operate fertilizer businesses and we look forward to further updating shareholders of this exciting progress,” said Luis da Silva, president and CEO of GB Minerals.

“With the consolidation of Itafos’ interest in GB Minerals, Itafos further diversifies its strategic positioning and asset base with the Farim project, what we believe to be one of the highest quality phosphate projects in the world, and we look forward to continuing working with all its stakeholders as the project advances,” added Brian Zatarain, CEO of Itafos.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

DSM completes acquiring Amyris’ Brazilian production facility

HEERLEN, NETHERLANDS: Royal DSM and Amyris Inc said that they have closed the transaction for the sale of Amyris Brasil Ltda to DSM and the establishm ...

Read more
Eastman to restart coal gasification plant

KINGSPORT, US: Eastman Chemical Company announced mechanical completion of its coal gasification plant and is currently in the process of restarting. ...

Read more
Chemical Company of Malaysia names COO as new MD

KUALA LUMPUR, MALAYSIA: The board of directors of Chemical Company of Malaysia Berhad (CCMB) has named the group’s chief operating officer ...

Read more
Birla Carbon agreement with USEPA, to pay civil penalty

ATLANTA, US: Birla Carbon said it has entered into a consent decree with the US Environmental Protection Agency (USEPA) in connection with the USEPA&r ...

Read more
Teijin to increase para-aramid fiber capacity in The Netherlands

ARNHEM, THE NETHERLANDS: Teijin Aramid said it will increase the production capacity for its Twaron® super fibre by more than 25 percent. This add ...

Read more
Samsung Engineering bags Sabic’s EO/EG plant contract

SEOUL, SOUTH KOREA: Samsung Engineering has been awarded a contract from Sabic’s manufacturing affiliate, Jubail United Petrochemical Company (U ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X