Mining
PhosCo Ltd (ASX:PHO) has a 50.99% interest in the Chaketma Phosphate Project, a potential large-scale, world-class phosphate development asset containing a JORC compliant Resource of 148Mt @ 20.6% P₂O₅. The resource is defined from drilling at only two of the project’s six prospects. A significant amount of drilling and technical work has been completed since this Resource was defined and a Mineral Resource Upgrade is imminent at the GK prospect, followed by a Scoping Study which is due shortly. The updated Scoping Study will also determine the work required to complete a BFS for Chaketma which is expected to be completed over the following 12-month period.
Chaketma is located in Tunisia, the northern most country of Africa, making it close to key export markets with Europe right on its doorstep. The capital of Tunis is 210km away by sealed road and the nearest railhead is just 35km away offering a connection to two ports. Gas and power are nearby, and various research organisations have been engaged to consider wind, solar and treatment routes as a part of the company’s ESG strategy. PhosCo’s ultimate aim is to employ local people and attract international funding to produce sustainable fertilizer by reducing water consumption, using zero coal, and producing zero phosphogypsum as a waste product.
Lead by a management team with vast experience in advancing & backing resource projects globally, PhosCo is well positioned to capitalise on the soaring demand for rock phosphate. Tightening market conditions in the last 12 months have propelled the price of rock phosphate from US$80/t last year to over US$320/t today. These record prices combined with positive early engagement with both the Tunisian Government and investment banks, provide an exciting backdrop for PhosCo as its development plans gain momentum in country.
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