The Itafos Farim company will start phosphate exploration in Guinea-Bissau at the end of 2020, the company’s managing director, Delio Darsama announced on Friday in Bissau.
In February 2018, the Itafos group acquired all the capital not yet owned by GB Minerals, a Canadian mining company awarded the international public tender launched by the Guinean government for the exploration of phosphate deposits in the town of Farim, north of Bissau.
Darsama said that the Itafos group, based in the Cayman Islands, will invest about US$200 million in this project, which has an expected life of 20 years, and the product will be exported from the locality of Ponta Tchogue.
He also said construction of the camp for the miners will be completed before the end of the year and that in 2019 construction of houses for the relocation of the families that were moved from the vicinity of the deposit, is due to begin.
The Itafos group, whose shares are listed on the TSX Venture Exchange, a stock exchange based in Calgary, Canada, holds a portfolio of phosphate-based fertilizers in the United States, Brazil, Peru, in addition to the Farim project, recording a production of more than 1 million tons of natural phosphate per year. (macauhub)