19 March 2013 13:35 [Source: ICIS news]
Mosaic said it entered into a “Heads of Agreement” with Saudi Arabian Mining Company (Ma'aden) and Saudi Basic Industries Corporation (SABIC) under which the companies intend to enter a joint venture to develop integrated phosphate production facilities at the Wa'ad Al Shammal Minerals Industrial City in northern
The project will involve the development of a mine and chemical complexes to produce phosphate fertilizers, animal feed, food grade purified phosphoric acid and sodium tripolyphosphate for sale to customers worldwide.
Under the terms of the agreement, Mosaic would contribute expertise to the design, construction and operations of the new facilities, it said.
Mosaic would market about 25% of the joint venture's production.
"Our joint venture with Ma'aden holds great promise for Mosaic, and we expect it to be an excellent complement to our phosphate business in
"This cost-effective phosphate project would enable Mosaic to further diversify our sources of phosphates and gives us improved access to key agricultural countries,” he added.
($1 = €0.77)
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