Algerian and Chinese companies have signed a joint venture agreement for an integrated phosphate mining project with an investment budget of US$7 billion, Algerian energy giant Sonatrach said in a statement. This is reported by the site AgroPages.
As part of a new deal, Algerian group Asmidal, a Sonatrach subsidiary, and mining company Manal have agreed with Chinese companies Wuhuan Engineering and Tian'An Chemical to form a joint venture, Algerian Chinese Fertilizers Company, in which 56 percent of the shares are owned by the Algerian side, and the remaining 44 percent - two Chinese firms.
This is the first comprehensive mining and fertilizer project in Algeria, with an annual production capacity of 5,4 million tons of fertilizer.
The project will develop a phosphate deposit at the Bled El Hadba and Jebel Onk mine in the easternmost province of Tebessa, processing the product into fertilizer and packaging will be carried out at the port of the eastern province of Annaba to facilitate export.
The project is expected to create about 12 jobs during the construction phase, as well as 000 direct jobs and 6 indirect jobs once the project is launched.