Algeria, Indonesia group to invest $4.5 billion in phosphate mining
ALGIERS - Algeria and an Indonesian group Monday signed three accords to invest $4.5 billion in phosphate mining, as the North African state aims to consolidate its position in the industry, officials said.
The industry and mining ministry said the deals were signed by Algerian public companies Asmidal and Manal and Indonesia's Indorama Corporation.
"The strategic aim of this partnership is to transform five million tonnes of phosphates into phosphate-based fertilisers and to produce one million tonnes of ammonium and 800,000 tonnes of calcium ammonium nitrate," Mining Minister Abdesselam Bouchouareb said in a statement.
He said Algeria aims to become the third largest phosphate producer in Africa, after Morocco and Tunisia.
The deals signed on Monday will cover the fertiliser needs of Algerian agriculture and allow for excess production to be exported, said Bouchouareb.