Toronto-PhosCan Chemical Corp. said April 27 that despite the apparent stabilization in the phosphate markets, it believes it still may be several years before this market, together with capital markets, returns to levels that will support the resumption of full-scale development of its Martison Project near Hearst, Ont. PhosCan said it is prudent to complete only the reduced development plan for the project and preserve its cash until it has reasonable confidence that it will be able to raise the additional US$1 billion of debt and equity capital necessary to take the project to construction and production. PhosCan expects to have a significant amount of uncommitted cash on hand upon completion of the reduced program and is actively sourcing a broad range of development projects, particularly in the natural resource sector, that have near-term cash flow and long-term growth potential. PhosCan is in discussions with IMAGOLD Corp. to extend its agreement with that company (GM March 30, 2009) for the testing and studies, leading to the potential development of niobium production at the Martison phosphate deposit.
Transparency Across the Fertilizer Value-Chain