Legend International Holdings Inc. (fka LGDIQ)

[BullRaid]

http://www.thehindubusinessline.com/2009/10/07/stories/2009100750591600.htm

Our Bureau

New Delhi, Oct. 6 The Indian Farmers Fertiliser Cooperative Ltd (Iffco) plans to set up its second overseas phosphoric acid manufacturing facility at Jordan.

The proposed $625-million project would be executed through a joint venture, Jordan India Fertiliser Company, in which Iffco will hold 52 per cent and Jordan Phosphate Mines Company will hold 48 per cent.

The plant is envisaged to have a production capacity of 4.65 lakh tonnes per annum (tpa) of phosphoric acid.

“We are aiming for financial closure within the next two months and expect the plant to be commissioned by end-2012,” the Deputy Managing Director of Iffco, Mr Rakesh Kapur, told Business Line.

The foundation stone for the project was laid by the Jordan King at a function in Eshidiya on October 3, which was also attended by the Industry Minister of Jordan, Dr Amer Haddidi, and Iffco’s Managing Director, Dr U.S. Awasthi.

Iffco also holds 19 per cent in Industries Chimiques du Senegal, which operates a 660,000-tcd phosphoric acid plant at Dakar, Senegal.

This venture, in which the Senegal Government owns majority stake, has a capacity of 300,000 tpa.

Australian project


In addition, the cooperative has a 15 per cent stake in Australia’s Legend International Holdings, Inc. This company is executing a project to mine rock phosphate at Lady Annie, Queensland.

Iffco has signed a long-term offtake and supply agreement for sourcing 30 lakh tonnes (lt) of rock annually from the project.

“Our di-ammonium phosphate plant at Kandla (Gujarat) imports 10 lt of phosphoric acid annually, while the Paradeep unit requires 35-40 lt of rock phosphate.

The proposed joint ventures will go a long way in meeting these requirements,” Mr Kapur added.







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