Tel Aviv—Israel Chemicals Ltd. CEO Stefan Borgas said that the company has reached an important crossroads regarding the future of Israel’s phosphate industry. He noted that ICL’s Rotem based phosphate activities were among the highest on a cost operations basis in the world. Borgas said that in order to become more competitive, ICL must reduce operating costs and increase volumes significantly. Borgas said that ICL was ready to invest hundreds of millions of dollars at a new site as current phosphate reserves will only last for another ten years or so. He said that the only economic solution is the Sde Barir field, but the Israeli government has to make a decision on granting licenses to mine there. By allowing ICL to mine phosphates at Sde Barir, Borgas said the company would invest hundreds of millions of dollars and would secure the necessary reserves for around 30 years of future operations. He warned, however, that failing to receive the licenses would mean a cessation of Israeli phosphate operations within ten years.
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