Deepak Fertilizers inks MoU to participate in bidding process for Phosphate project in West Africa

24 Jan 2013 Evaluate

Deepak Fertilizers & Petrochemicals Corporation (DFPCL) has inked a memorandum of understanding (MoU) to participate in a bidding process for a Phosphate project in Togo, West Africa, as a part of a consortium comprising Balamara Resources, a resources company, and Minemakers, an experienced phosphate company. Both the companies are Australian ASX listed.

The company’s objective is to secure phosphoric acid supplies of the right quality required as a key raw material in the manufacture of phosphatic fertilizers. While Balamara will be responsible for the development of the mining business together with Minemaker’s phosphate mining expertise, Deepak Fertilizers will provide the downstream expertise in phosphoric acid.

The Togo project is aimed at developing a world-scale deposit with over 2 billion tonnes of phosphate ore which has been extensively drilled and analyzed. This makes it big enough to be able to satisfy the needs of all consortium partners for the end-product.

The bid is at an exploratory stage and prior to investment DFPCL will carry out detailed due diligence of financial viability and move forward decisively only when such analysis establishes returns not less than the threshold adopted by the company for investing in assets of similar risk class.

Deepak Fertilisers & Petrochemicals is one of the leading manufacturers of industrial chemicals and fertilisers in India. The company operates in three business segments - chemicals, fertilisers and real estate.

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