Upstart phosphate company MCK Mining Corp. has a new name, some seasoned fertilizer veterans on its board, a feasibility study in the works, and the prospect for low cost raw materials. MCK recently changed its name to Phoscan Chemical Corp. The company has begun trading on the TSX Venture Exchange under the new name and the symbol FOS.
Phoscan is engaged in the advancement of the Martison Phosphate Project located near Hearst, in northern Ontario. The project entails the development of a phosphoric acid plant, utilizing the Martison phosphate deposit and sulfuric acid from the Ontario based-metal smelters. The phos acid produced will be used as feedstock for the production of higher valued products in the fertilizer and industrial markets.
Phoscan is currently in the midst of a pre-feasibility study for the project. It is a 50 percent stakeholder in the project, with the other being Baltic Resources Inc. of Toronto. Phoscan President and CEO Stephen Case told Green Markets last week that the company is well-positioned to take advantage of sulfuric acid from four local smelters. Due to recent sulfuric acid expansions, he expects acid availability from these suppliers to be 2 million tons starting in 2007. Case said currently some 70 percent of that is exported to the U.S., and that supplying Phoscan instead of shipping it to the U.S. could be a better deal for all concerned. Phoscan has received indications from Xstrata, which now owns the Falconbridge complex at Timmons, Ont., that it is interested in supplying acid to the project.
Phoscan recently hired Mrs. Donna Yoshimatsu as director of investor and public relations. She has over twenty years of experience, including having served as vice president of SNC-Lavalin Group. Also on board at Phoscan are fertilizer industry veterans John Yokley, retired from Agrium Inc., and Glen Magnuson, retired from Cargill Inc.