PhosCo, a Tunisian phosphate company, has announced that it has received a $1.5 million grant from the US government to support its Gasaat phosphate project in northwest Tunisia. The grant was awarded through the US Department of State's Bureau of Near Eastern Affairs (NEA) and the US Embassy in Tunis. The funding will be used to facilitate the mobilization of strategic investments, commercial partnerships, and technical expertise for the project.
The Gasaat project is a key initiative for PhosCo, aiming to create an integrated phosphate hub in northwest Tunisia. The project has the potential to contribute to the development of Tunisia's phosphate industry, generate employment opportunities, and support regional economic and social development. PhosCo has partnered with CrossBoundary Group, a global investment and advisory firm, to support the project.
CrossBoundary will play a crucial role in mobilizing investments, establishing commercial partnerships, and providing technical expertise for the Gasaat project. The firm has a strong network of investors and experience in emerging markets, particularly in Africa. CrossBoundary has also worked with the US International Development Finance Corporation (DFC) on several critical mineral projects.
The US government's grant is part of a program aimed at safeguarding US critical minerals supply chains in Tunisia. The program, titled "Safeguarding U.S. Critical Minerals Supply Chains – Tunisia," was announced by PhosCo on August 10. The initiative seeks to connect US investors and companies with the Gasaat project, with the goal of mobilizing private investments over the next two years.
PhosCo's CEO, Taz Aldaoud, has expressed his gratitude for the grant, highlighting its significance in facilitating the mobilization of strategic investments and technical expertise for the Gasaat project. Aldaoud emphasized that the project is expected to play a vital role in securing essential fertilizer supplies. The program will also focus on environmental, social, and governance (ESG) considerations, which are essential for international investors and development finance institutions.
The Gasaat project is expected to contribute to the growth of Tunisia's phosphate industry and strengthen the global supply chain. PhosCo has already made significant progress on the project, including technical and exploration work, metallurgical advancements, and engagement with potential strategic partners and international financial institutions.
The partnership between PhosCo, CrossBoundary, and the US government is expected to open up new opportunities for access to capital and offtake agreements as the project progresses. PhosCo will provide updates on the project's progress in accordance with its continuous disclosure obligations.
Key points
- PhosCo has secured a $1.5 million grant from the US government to support its Gasaat phosphate project in Tunisia.
- The project aims to attract up to $100 million in investments and create an integrated phosphate hub in northwest Tunisia.
- The partnership between PhosCo, CrossBoundary, and the US government is expected to strengthen Tunisia's phosphate industry and global supply chain.
