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).
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.
The Goa plant of Zuari Agrochemicals is engaged in the manufacture, distribution, imports and sale of urea, DAP and various grades of NPK fertilizers, with a total installed capacity of 1.2 million tpy.