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Sino-US Joint Venture to Mine Phosphorite
A deal was sealed Wednesday between a Chinese firm and an American company to produce chemical fertilizer DAP, by using phosphoritic resources in Yunnan Province, southwest China.
The two companies, Yunnan Phosphate Fertilizer Factory and Cargill Fertilizers Co. agreed to invest 15 million US dollars each in a set of DAP production facilities, which has a designed capacity of producing 600,000 tons of DAP each year.
The facilities, which will use phosphorite mined from around Dianchi Lake, is expected to be operational next year.
Cargill, one of the leading phosphate and nitrogenous fertilizer producer, supplies China about 1.2 million to 1.5 million tons of quality DAP annually.
Henk Mathot, president of the Cargill, said the project is the company's third one in China.
Yunnan ranks first in phosphoritic resources in China with 4.2 billion tons of verified reserves around Dianchi Lake.
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