The Brazilian units of fertilizer companies, Bunge and Yara International have signed a letter of intent with Brazil’s Santa Catarina state government to mine for phosphate.
Bunge and Yara expect to invest 550 million Brazilian
reals ($317 million) over a three-year period with the aim of producing some
240,000 metric tons of fertilizer per year, daily newspaper Gazeta Mercantil
The two companies established a joint venture, Industria de Fosfatados
Catarinense, for the mining project in Anitapolis, around 100 kilometers from
the southern city of Florianopolis. The mine would help Yara reduce the amount
of raw materials it needs to import into Brazil, Yara President Lair Hanzen told
Dow Jones Newswires in February.
Brazil imports between 60% and 65% of
all raw materials used to make fertilizers, while Yara imports 90% of its raw