The investment company Fosfatos del Pacífico SAC (Fospac) has signed a contract that will allow it to exploit the Bayóvar phosphate deposit in Peru’s Piura region and begin the production of phosphate fertilizers in a few years, La República reported. Peru’s demand for DAP is approximately 250,000 mt/y.
“The signing of this agreement opens up the possibility of using phosphate rock as a fertilizer, as it is a lower-cost alternative for farmers, especially family farmers, who provide food for the country’s more than 33 million inhabitants,” said Ángel Manero, Peru’s Minister of Agrarian Development and Irrigation.
The mining concession area is 6,891 hectares, and Fospac has surface rights through a contract with the San Martín de Sechura Communal Foundation in Piura. Fospac has reportedly committed to an investment of $940 million over 10 years. The concentrated phosphate rock production will be used mainly for the local market and for export, La República reported.