Itafos Provides Update on Itafos Arraias Repurpose Plan, Announces A Multi-Year Phosphate Rock Supply Agreement With the OCP ...
June 20 2019 - 3:10PM
Itafos (TSX VENTURE: IFOS) (the “
Company”) today
provided an update to the repurpose plan at Itafos Arraias and
announced that it has today signed a multi-year phosphate rock
supply agreement with the OCP Group.
The repurpose plan, which is aimed at optimizing
finished fertilizer production with a multi-product portfolio of
higher grade SSP, micronutrient SSP and value added premium PK
compound products, is expected to significantly enhance Itafos
Arraias’ competitive positioning and profitability while reducing
its operational and environmental risk profile. To enable the
repurpose plan, the Company intends to procure higher grade
phosphate rock from third parties and, once operational, from
Itafos Farim. Consistent with its strategy, the Company has today
reached agreement to procure higher grade phosphate rock from the
OCP Group.
“Signing a phosphate rock supply agreement with
the OCP Group represents a key milestone in the implementation of
the repurpose plan by securing quality phosphate rock from a
leading global supplier,” said Dr. Mhamed Ibnabdeljalil, CEO of
Itafos.
In addition, the Company has been advancing
other aspects of the repurpose plan, including activities related
to third party phosphate rock logistics, site preparation and
product portfolio transition. Third party phosphate rock delivery
is in progress, new equipment is being commissioned and approvals
have been received to sell the new products. Also in connection
with advancing implementation of the repurpose plan, the Company
has idled Itafos Arraias’ existing mines, tailings dam and the
beneficiation plant. Notwithstanding, Itafos Arraias will maintain
all licenses and permits in good standing and comply with existing
regulations.
About Itafos
Itafos is a vertically integrated phosphate
fertilizers and specialty products company with an attractive
portfolio of long-term strategic businesses and projects located in
key fertilizer markets worldwide. Itafos is managed by an
experienced and diverse team with extensive operations, commercial
and financial expertise. Itafos owns and operates Itafos Conda, a
vertically integrated phosphate fertilizer business with production
and sales capacity of approximately 550kt per year of monoammonium
phosphate (“MAP”), superphosphoric acid (“SPA”), merchant grade
phosphoric acid (“MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US and Itafos Arraias, a
phosphate fertilizer business with production and sales capacity of
approximately 500kt per year of single superphosphate (“SSP”), SSP
with micronutrients (“SSP+”) and other products and approximately
40kt per year of excess sulfuric acid located in Tocantins, Brazil.
Itafos owns and is developing Itafos Paris Hills, a high-grade
phosphate mine project located in Idaho, US, Itafos Farim, a
high-grade phosphate mine project located in Farim, Guinea-Bissau,
Itafos Santana, a vertically integrated high-grade phosphate mine
and fertilizer plant project located in Pará, Brazil, Itafos
Mantaro, a large phosphate mine project located in Junin, Peru and
Itafos Araxá, a vertically integrated rare earth elements and
niobium mine and extraction plant project located in Minas Gerais,
Brazil.
For more information or to join our mailing list
to receive notification of future press releases, please visit the
Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news
release constitutes forward looking information. All information
other than information of historical fact is forward looking
information. The use of any of the words “intend”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forward looking information.
This information involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
information. No assurance can be given that this information will
prove to be correct and such forward looking information included
in this news release should not be unduly relied upon.
Forward looking information is subject to a
number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such forward
looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to, those
risk factors set out in the Company’s Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Readers are cautioned that the
foregoing list of risks, uncertainties and assumptions are not
exhaustive. The forward looking information included in this news
release is expressly qualified by this cautionary statement and is
made as of the date of this news release. Itafos undertakes no
obligation to publicly update or revise any forward looking
information except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please
contact:
ItafosRobert
Winslow647-248-5455robert.winslow@itafos.com
www.itafos.com
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