Algeria’s Sonatrach SPA and China’s CITIC Construction Co. Ltd. on Nov. 26 signed a deal to build a US$6 billion mega complex for the mining and processing of phosphate, according to Bloomberg, citing the Algeria Press Service. The project would be located in in the Tebessa region in eastern Algeria near the Tunisian border, some 430 miles east of the capital, Algiers.
Production is eyed for 2022. Sonatrach will own 51 percent of the project and CITIC the remainder. Sonatrach estimates the project will generate some $1.9 billion per year for Algeria, which is seeking to diversify its economy away from a reliance on energy production.