The Canadian mining company GB Minerals aims to invest US$175 million to begin mining phosphates in Guinea-Bissau starting in 2017, its CEO announced on Tuesday in Bissau.
“Our plan is to have the feasibility study submitted to the government this coming July, to wait for financing until the end of this year and to begin producing in 2017,” Luís Cabrito da Silva said.
The CEO of GB Minerals indicated that the project also involves construction of a new port at Ponta Chungue by the Geba River east of the capital Bissau.
“From there the phosphates will be exported to international markets,” da Silva said, specifying that the phosphates for use in fertiliser production were expected to be absorbed by countries in the West Africa region, where demand is growing rapidly.
The phosphates were discovered in 1980 at Farim, a city north of the capital, though their commercial exploitation was successively postponed, largely due to periods of political instability in the country. (Macauhub/GW)