16 July 2008 14:58 [Source: ICIS news]
“The rock phosphate from the agreement would be used in our Paradip and Kandla plants in Orissa and ?xml:namespace>
IFFCO signed a heads of agreement with Legend in April 2008 for jointly working on its phosphate deposits with an offtake of about 3m tonnes/year of concentrated phosphate rock, it added.
“Under the arrangement, the price of the rock will be based on market pricing related to significant volumes of international supply agreements to the Indian market,” the fertilizer producer said, adding that an alternate pricing mechanism, based on international phosphoric acid prices had been included.
IFFCO will provide technical, logistic and financial support to LIH in the development of its phosphate mining operations and product shipment to
IFFCO will also buy 15m shares in LIH and also receive an options to acquire 30m shares in a phased manner for funding the expenditure related to the project, the firm said.
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