17 April 2013 15:45 [Source: ICIS news]
LONDON (ICIS)--India's Deepak Fertilizers and Petrochemicals Corp Ltd (DFPCL) has left a consortium of parties led by Australia’s Balamara Resources Ltd that is bidding for a phosphates project in Togo, West Africa, the company said in a statement late Tuesday.
Balamara is currently in talks with other companies to find a partner for the project, which will include phosphoric acid production, off-take, infrastructure and project funding. Deepika did not specify a reason for the decision to withdraw from the consortium.
The project, located near the Togolese capital of Lome and around 30km from a port with existing infrastructure, is understood to be shallow and easy to mine. It is also a deposit with over 2bn tonnes of phosphate ore which has been extensively drilled and analysed by the French technical agency BRGM in the past.
Deepak joined the consortium in August 2012 as one of the two possible downstream acid producers in the event that the tender is awarded to Balamara, and all project feasibility studies were positive.
The project required one party to develop and mine the project, and the other party to undertake downstream beneficiation of upgraded phosphate rock to produce phosphoric acid and fertilizer products.
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