Sequoia and the Commonwealth Bank of Australia will invest US$39 million and US$25 million respectively into the facility, complimenting existing investments led and arranged by Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian Government’s Clean Energy Finance Corp. (CEFC).
Project news - 05 March 2021
It is expected that project construction of the plant in Akwa Ibom state will commence no later than 3Q21. In the first phase of the project, US$1.4 billion will be invested in building out the plant and its supporting infrastructure with a target operations-commencement date of 2025.
The study concludes that the Muga potash mine represents a significant positive socioeconomic potential for the local region.