bmb multibagger in april on togo phosphate des

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AMA 12/03/2013

Decision on carbonated phosphates on April 15


The Togolese government which received the financial and technical offers of three bidders for the country’s carbonated phosphates intends to announce the results of the contest on April 15. The authorities are examining different options on what strategy to deploy. The first option would be to hand the entire program (mining plus construction of a phosphoric acid plant) to a single company. But given the huge costs of that program - roughly $3 billion - Togo hasn’t ruled out making everyone happy by splitting the deal into three distinct parts, one for each firm.

The carbonated phosphate reserves are estimated at 2 billion tons and the government feels they could provide enough work to satisfy each of the three, Elenilto Mining Minerals (Israel), Balamara Resources (Australia) and Coromandel Getax Pvt Ltd (India/South Africa).

In the meantime, the state-owned Societe Nouvelle des Phosphates du Togo (SNPT), the other operator in the branch, appears to be doing well. Last year it exported 600,000 tons and is banking on 1.5 million tons this year. The government has invested CFA 55 billion over three years in bringing the company back to profitability.