Itafos Provides Update on Itafos Farim Engineering and Construction, Announces EPCM Agreements With Lycopodium, Baird
July 22 2019 - 4:05PM
Itafos (TSX VENTURE: IFOS) (the “
Company”) today
provided an update on the engineering and construction of Itafos
Farim and announced that it has signed an engineering, procurement
and construction management (“
EPCM”) agreement for
mine site development with Lycopodium Minerals Canada Limited
(Toronto, Canada) (“
Lycopodium”) and for port site
development with W.F Baird and Associates Ltd. (Madison, USA)
(“
Baird”).
“Signing EPCM agreements with Lycopodium and
Baird represent key milestones in the development of Itafos Farim,
one of the highest grade undeveloped phosphate mine projects in the
world,” said Dr. Mhamed Ibnabdeljalil, interim CEO of Itafos.
The EPCM agreement with Lycopodium is for
services related to the development of Itafos Farim’s mine site,
which is expected to produce 1.3Mt per year of phosphate rock.
Lycopodium has a deep understanding of the project as it performed
the technical report for Itafos Farim titled “NI 43-101 Technical
Report on the Farim Phosphate Project” in 2015.
The EPCM agreement with Baird is for services
related to the development of Itafos Farim’s port site, which is
expected to load Itafos Farim’s mine site production for global
export. Milestones achieved to date include advancing detailed
design, completing geotechnical design for piling and soil profiles
and advancing tendering of major procurement packages and long lead
items.
In addition to the EPCM agreements with
Lycopodium and Baird, the Company has been advancing other aspects
of the construction and engineering of Itafos Farim including
finalizing engineering, studies and fieldwork, completing the
construction camp and hiring of owners’ team.
About Itafos
Itafos is a vertically integrated phosphate
fertilizers and specialty products company with an attractive
portfolio of long-term strategic businesses and projects located in
key fertilizer markets worldwide. Itafos is managed by an
experienced and diverse team with extensive operations, commercial
and financial expertise. Itafos owns and operates Itafos Conda, a
vertically integrated phosphate fertilizer business with production
and sales capacity of approximately 550kt per year of monoammonium
phosphate (“MAP”), superphosphoric acid (“SPA”), merchant grade
phosphoric acid (“MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US and Itafos Arraias, a
phosphate fertilizer business with production and sales capacity of
approximately 500kt per year of single superphosphate (“SSP”), SSP
with micronutrients (“SSP+”) and other products and approximately
40kt per year of excess sulfuric acid located in Tocantins, Brazil.
Itafos owns and is developing Itafos Paris Hills, a high-grade
phosphate mine project located in Idaho, US, Itafos Farim, a
high-grade phosphate mine project located in Farim, Guinea-Bissau,
Itafos Santana, a vertically integrated high-grade phosphate mine
and fertilizer plant project located in Pará, Brazil, Itafos
Mantaro, a large phosphate mine project located in Junin, Peru and
Itafos Araxá, a vertically integrated rare earth elements and
niobium mine and extraction plant project located in Minas Gerais,
Brazil.
For more information, or to join the Company’s
mailing list to receive notification of future press releases,
please visit the Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news
release constitutes forward looking information. All information
other than information of historical fact is forward looking
information. The use of any of the words “intend”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forward looking information.
This information involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
information. No assurance can be given that this information will
prove to be correct and such forward looking information included
in this news release should not be unduly relied upon.
Forward looking information is subject to a
number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such forward
looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to, those
risk factors set out in the Company’s Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Readers are cautioned that the
foregoing list of risks, uncertainties and assumptions are not
exhaustive. The forward looking information included in this news
release is expressly qualified by this cautionary statement and is
made as of the date of this news release. Itafos undertakes no
obligation to publicly update or revise any forward looking
information except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please
contact:
ItafosRobert
Winslow647-248-5455robert.winslow@itafos.com
www.itafos.com
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