Indorama and Algerian firms signs $4.5b deal to build phosphate mining
JAKARTA (TheInsiderStories) – Indorama Corporation and two Algerian firms signed US$4.5 billion deal to buidl phosphate mining in the North African, according to a statement from the Algerian Ministry of Industry and Mines. Indorama will hold a 49 percent stake in those projects, with the Algerian partners owning the rest.
The contract was signed by the Group Managing Director of Indorama Amit Lohia and and its Algerian partners Asmidal and Manal group, with the presence of Industry and Mines Minister Abdesselam Bouchouareb and Indonesian Ambassador to Algiers Ahmad Ni’am Salim.
The sites of the first two projects are located in the easternmost provinces of Tebessa and Souk Ahras, near the border with Tunisia. The third project, one on converting natural gas to produce ammonia, technical ammonium nitrate and calcium ammonium nitrate, will be launched in the province of Skikda, 470 km east of Algiers.
This mega projects will ensure the transformation of 5 million tons of marketable phosphate rock into phosphate fertilizers, and produce 1 million ton of ammonia and 800,000 tons of calcium ammonium nitrate, the statement noted.
He did not give details on production but said completion of the projects was due in 2019, when Algerian phosphate output is expected to reach 10 million tonnes a year from 1 million tonnes now.
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Source: The Insiderstories