Bissau-The government of Guinea-Bissau, in an official statement, says the treaty for the production of phosphate with GB Mining Ltd. is terminated and is no longer reactivated. GB Phosphate Mining Ltd. was set up in October 2005 and has invested some $15 million in its Farim phosphate mining project in the country, according to the company website of its majority shareholder, GB Mining Holding AG, Steffisburg, Switzerland. It has completed the concept pre-feasibility study report and has been involved in the prospecting stage. The company has been seeking financing to complete the bank feasibility study and to strengthen its balance sheet for the mining and infrastructure development phases. GB said the Farim deposit is high grade (around 30 percent P2O5, with low cadmium content), and can easily be brought to the market.
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