India’s Coromandel International Ltd. on Aug. 3 formalized the acquisition of 45% of the equity stake in Senegal’s Baobab Mining and Chemicals Corp. (BMCC), according to the Press Trust of India. The deal had been announced in May (GM May 13, p. 37). The price was reported as $19.6 million, plus a loan to BMCC of a further $9.7 million.
BMCC is in the business of the mining, production, and sale of rock phosphate, and Coromandel will use BMMC rock to produce DAP in India. BMCC stabilized its operations and commenced active production from 2021, and at full capacity BMCC can meet up to one-third of Coromandel’s phosphate rock requirement, Coromandel said.
The Indian company’s fertilizer assets include three plants capable of producing 3 million mt/y of phosphate fertilizers. It is a partner in Tunisian phosphoric acid producer Tunisian Indian Fertilizer SA (TIFERT) and holds an interest in South Africa’s Foskor Pty Ltd., via which it secures its phosphoric acid requirements.