Mumbai — Zuari Industries Ltd. has confirmed that it has set up a joint venture company in Singapore with Mitsubishi Corp., Japan, for the purpose of investments in rock phosphate assets. Zuari will hold a 30 percent stake in the jv. So far, Zuari has approved up to US$20 million of investment in the jv. According to Indian press, the jv is named MCA Phosphates Pte., and has already bought a 30 percent stake in a Peruvian phosphate project – Fosfatos del Pacifico S.A., which has some 540 million mt of reserves in the Bayovar area. The project eyes the eventual production of some 2.5 million mt/y of rock, with Mitsubishi taking all of the offtake, and in turn supplying Zuari with 50 percent. Reportedly, Zuari would use the product for existing facilities and is also eyeing the construction of a new 1 million mt/y DAP plant in India. Initial rock production is envisioned for 2015.
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