Algeria, Indonesia group to invest $4.5B in mining

Agence France-Presse

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Algeria, Indonesia group to invest $4.5B in mining
The deals were signed by Algerian public companies Asmidal and Manal and Indonesia's Indorama Corporation

ALGIERS, Algeria – Algeria and an Indonesian group Monday, July 18, signed 3 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 5 million tons of phosphates into phosphate-based fertilizers and to produce one million tons 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 fertilizer needs of Algerian agriculture and allow for excess production to be exported, said Bouchouareb. – Rappler.com

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