RABAT, March 13 (Reuters) – Finnish mining technology company Outotec said it had agreed with Morocco’s phosphates producer OCP Group an 80 million euro ($91 million) deal to build a sulphuric acid plant for the production of fertilisers in the north African country.
The plant will be connected with OCP’s chemical complexes where it produces fertilisers from phosphate rock, Outotec said in a statement without giving further details.
OCP, which is 95 percent state-owned, is the world’s largest phosphate exporter controlling 75 percent of the globe’s phosphate reserves.
Spain’s Intesca, a subsidiary of ACS, announced last week the signing of a 255 million euro deal with the OCP Group to build two sulphuric acid plants.
These investments come at a time when the group is considering building fertiliser plants in Nigeria and Ghana besides the one that is being built in Ethiopia. OCP has a 65 percent market share of phosphates-based fertilisers in Africa where it sees potential for increasing fertiliser use five-fold from about 5 million tonnes currently.
$1 = 0.8823 euros
Reporting by Ahmed Eljechtimi; Editing by Elaine Hardcastle