HOUSTON (ICIS)--Fertilizer explorer GrowMax Agri announced on Friday it has been approved by government regulators to acquire the Bayovar mineral concession in Peru, held by state-owned company Activos Mineros.
The Peru–based GrowMax Agri is involved in the exploration for near-surface potash, phosphates and other minerals and is a subsidiary of Canadian company Americas Petrogas. Petrogas owns an 80% interest in the company while the remaining balance is held by the Indian Farmers Fertiliser Co-operative (IFFCO).
GrowMax officials said approval from the concession transfer came from the Agency for Promotion of Private Investment of the Government of Peru (ProInversion).
No financial terms or further details of the agreement were provided.
The Bayovar concession is located in the Sechura area, Piura province of northern Peru and covers approximately 82,000 ha with potential for production of carnallite, potassium chloride (KCl), phosphates and other minerals.