EuroChem Group has completed the acquisition of the Serra do Salitre phosphate project in Brazil, the company said in a press release.
EuroChem officially takes over the advanced-stage mine and plant in Minas Gerais as of February 22.
The complex comprises an open-pit phosphate mine with over 350 million metric tons (MMT) of reserves and a plant with production capacity of 1 MMT of fertilizers per year.
The deal was valued at $452 million, and EuroChem will invest a similar amount to fully implement the project. Fertilizer production is expected to launch in 2024 and reach full capacity in 2025. The mine and processing plant are currently in operation and produce about 500 KMT of phosphate rock.
The project incorporates a sulfuric acid plant, a phosphoric acid plant, and a storage facility for granular fertilizers, including urea and potassium chloride, among other products.
“The acquisition delivers upon the Group’s growth strategy in South America, one of the world’s most important crop-growing regions, and consolidates EuroChem’s position as a global leader in fertilizers,” the company said.
