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DEAL ANALYSIS: MbAC Itafos
03 January 2012
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[mbac]
[ifc]
[bndes]
[ssp]
[phosphate]
[goias]
Canadian-listed phosphate producer MbAC Fertilizer Corp has completed the first draw on the R400 million ($220 million) debt financing package for its Itafós single superphosphate project in Brazil.
In October 2008, MbAC bought the mining rights, operations, and tax benefits of Itafós Mineração, located near Campos Belos, in Goiás state, close to its border with Tocantins state. The acquisition provided MbAC with a small rock phosphate operation, which produces 100,000 tonnes per year for sale to local farmers. But MbAC’s ambition was to develop an operation that had a larger scale of 500,000 tonnes per year and sold a more valuable product.
The developer listed on the Toronto Stock Exchange in December 2009, through the merger of Sandwell Mining and MBAC Opportunities and Financing, and alongside a C$57 million ($56 million) equity placement. In March 2010 MbAC produced a resource estimate for Itafós of 24 million tonnes.
According to Anthony...
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