Police with Its Own Deposits of Phosphate Rock in Senegal

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30.08.2013 Police with its own deposits of phosphate rock in Senegal Groupa Azoty Police began to invest in Senegal, which has become a foothold of the Company to expand into other markets in Africa. The first step in establishing its position in this market was the acquisition of a 55% stake in African Investment Group SA (www.aig-online.eu). AIG holds licenses for access to deposits of phosphate rock and ilmenites in Senegal. Owing to this transaction, Grupa Azoty Police has become the first Polish chemical company which has its own resources. Independence from external suppliers as early as next year will enable the company to save about 30m PLN. "The investment in the deposits is the beginning of the Company's expansion into African markets and Senegal will be the centre of production and distribution of fertilizers to other countries in Africa. To optimize the whole process, vessels transporting raw materials to Police, on their way back will take fertilizers for sale in African markets. In a few years we plan to start our own production of phosphoric acid," said Krzysztof Jałosiński, President of Grupa Azoty Zakłady Chemiczne “Police” S.A. Details of the transactionGroupa Azoty Police S.A. acquired a controlling stake in African Investment Group S.A., Dakar, Senegal. AIG holds licenses giving access to the deposits of phosphate rock and ilmenite sands in Senegal. The purchase of 55 percent shares costs 28.85m dollars. It will be funded in three tranches depending on the operational progress. Annually up to a million tons of phosphate rock will be coming from Senegal to Poland. The estimated size of deposits amounts to around 56 million tons of phosphate rock and a half a million tons of ilmenite sands. This is the first foreign investment of this type in mineral raw materials in the chemical industry in Poland. The plans of the next phase of the investment assume a start-up of the production of phosphoric acid. Senegal is a politically and economically stable. It is one of eight West African countries of the Economic and Monetary Union and one of the fastest growing democracies in Africa..

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