The Tunisian engineering group STUDI International has joined forces with Australian company PhosCo to develop the Gasaat phosphate project in Kasserine, Tunisia. This partnership involves an investment of 1.4 million Australian dollars in PhosCo's capital. According to a statement released by PhosCo on the Australian Securities Exchange (ASX) on October 7, 2026, the two companies have signed a memorandum of understanding. This agreement makes STUDI the preferred partner for PhosCo for engineering and consulting work related to the development of Gasaat.
The agreement between PhosCo and STUDI covers the pre-feasibility and bankable feasibility studies of the project. The cooperation could be extended to detailed engineering, procurement, construction assistance, and commissioning. As part of this agreement, STUDI plans to subscribe to 9,523,810 new PhosCo shares at a price of 0.15 Australian dollars per share through one of its African subsidiaries. This operation is expected to raise approximately 1.4 million Australian dollars before fees.
In addition to the share subscription, STUDI will receive 9,523,810 options, with one option for each share subscribed. These options can be exercised at a price of 0.20 Australian dollars until June 29, 2029. The final legal documents relating to the investment are expected to be completed within 30 days. The funds raised will be used to continue exploration and studies on Gasaat, authorization procedures, and general corporate purposes.
The protocol concluded between PhosCo and STUDI has an initial duration of 24 months and establishes a framework for cooperation. However, it remains non-binding, and the tasks assigned to STUDI will require separate agreements. PhosCo also reserves the right to use other specialized consultants. STUDI, created in Tunis in 1970, operates in various fields, including transportation, water, energy, ports, environment, and infrastructure engineering.
With approximately 700 employees, STUDI carries out projects in over 40 African countries. Its expertise could be mobilized for the infrastructure necessary for the development of Gasaat. The Gasaat project is 100% owned by PhosCo and currently has a declared mineral resource of 166.6 million tons of phosphate with an average grade of 20.6% P₂O₅. The project has recently undergone several drilling campaigns aimed at refining and extending its resources.
PhosCo is continuing its work on other areas of the Tunisian Northern phosphate basin. The company plans to publish an updated scoping study for Gasaat in October. The partnership with STUDI and the planned investment in PhosCo mark a new stage in the technical and financial preparation of Gasaat for industrial development.
The association of STUDI with the studies of the project is expected to bring significant value to the development of Gasaat. With its extensive experience in Africa and expertise in various engineering fields, STUDI is well-positioned to support PhosCo in the development of this major phosphate project.
Key points
- - The partnership between STUDI and PhosCo involves an investment of 1.4 million Australian dollars in PhosCo's capital. - STUDI will be the preferred partner for PhosCo for engineering and consulting work related to the development of Gasaat. - The Gasaat project has a declared mineral resource of 166.6 million tons of phosphate with an average grade of 20.6% P₂O₅.
