Sao Paulo-Bunge and Yara International ASA have signed a letter of intent with the Brazil’s Santa Catarina state government to mine phosphate. The mining project would be in Anitapolis, around 100 kilometers from the southern city of Florianopolis and would be conducted via a joint venture between the two companies, Industria de Fosfatados Catarinense (IFC). Yara stressed to Green Markets that the project is still only in the feasibility study phase. “The meeting with the authorities is merely part of the project development, and we can confirm our signing of a “protocolo de intencões,” said a Yara spokesman, who said the company, IFC, has been in place for several years, and was acquired by Yara as part of Adubos Trevo in 2000. Yara said the project definitions have yet to be defined. The local press reported that the two companies plan to invest US$317 million over a three-year period, with plans to produce 240,000 mt per year. However, Yara said details mentioned by the press could be one of many scenarios that are being evaluated. “There still remains further study and analysis before any of this can be confirmed,” said the spokesman. He said neither company put out an official press release as they did not regard it as significant enough to warrant press coverage.
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