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FINANCIAL NEWS
Jordan Phosphate Mines plans expansion
09 Oct 2010
(MENAFN) Jordan Phosphate Mines Company, the world’s sixth biggest phosphate producer, has concluded joint venture deals with major Asian fertiliser consumers intent on securing long-term supplies, its chairman and CEO said.
The deals with Indian Farmers Fertilisers Co-operative Ltd, (IFFCO) and Indonesian fertiliser firms also would secure JPMC’s markets and will allow it to process more of its large phosphate rock reserves, Walid Kurdi said.
The two major downstream deals to produce 700,000 tons of phosphoric acid by 2015 will raise production of rock phosphate to nine million tonnes annually from a current output of six million tons, Kurdi said.
Both projects, consuming an extra three million tonnes of rock phosphate, will raise the amount of rock phosphate used in JPMC’s downstream projects to at least 60 percent of total output.
JPMC will keep exports of rock phosphates stable at their current 4 million tonnes level, Kurdi said.
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