Focus Ventures to acquire phosphate site in Peru

12 September 2013 21:26  [Source: ICIS news]

HOUSTON (ICIS)--Focus Ventures announced on Thursday that it has entered into an agreement to acquire the Bayovar-12 phosphate mining concession in Peru.

Financial details were not disclosed.

The Vancouver-based producer said its subsidiary Agrifos Peru has signed a binding letter of intent with Juan Paulo Quay for the acquisition and exploration of the 12,575 ha site, which has shown the potential for holding a large phosphate deposit.

It is next to the site of Vale’s phosphate operation, which has been previously calculated to have reserves of 239m tonnes.

Focus said it plans to implement a grid-based drilling programme at the location in northern Peru once the exploration permits are issued by government regulators. Estimates are that the deposit could hold as much as 400m tonnes of phosphate.

Focus President David Cass said, with addition of Bayovar, the company is establishing themselves within the Latin American phosphate market.

By: Mark Milam
+1 713 525 2653

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