togo phosphate project decision due december

This could have a massive upside potential. Previous rumour of Togo shot BMB's shareprice to 4.2c, 420% of BMB's current price. Great opportunity if it pans out!!! Check the BMB forum for more commentary.


Carbonated phosphates: decision in December
After much humming and hawing, the Togolese authorities have finally decided to continue with the tender for the development of the country’s carbonated phosphates. The firms Elenilto Mining Minerals (Israel, already active in iron ore in Liberia), Coromandel GETAX Phosphates Pvt Ltd (India-South Africa) and Balamara Resources Limited (formerly Sultan, in Australia) have been qualified for the final round of the contest. Barring last minute changes, the winner is expected to be announced before the end of the year.

Last week’s appointment of telecommunications expert El Hadj Tairou Bagbiegue (see P. 1) as mines and energy ministry injected fresh impetus into the project. No sooner had the mines minister been named than Togolese president Faure Gnassingbe called for the tender for the carbonated phosphates to continue. Worried that some suitors lacked the technical and financial resources for the very heavy investments involved in the project, Patrick Date Tevi Benissan, secretary-general in the president’s office, had advocated that the whole process start all over again.

Togo is looking for a high-profile operator to mine layers of carbonated phosphates whose reserves were estimated at 2 billion tons in 2010. The project could call for an investment of CFA 200 billion, particularly for the construction and operation of a plant to produce phosphoric acid.