Coromandel International acquires 8.82% of Baobab Mining, providing a $6.5M loan for expansion, to secure Indian phosphoric acid production.

Coromandel International will acquire an additional 8.82% stake in Senegal's Baobab Mining and Chemicals Corporation for $3.84 million, increasing its total ownership to 53.8%. The company will also provide a $6.5 million loan for expansion and working capital. This strategic investment aims to secure a long-term supply of rock phosphate, essential for its phosphoric acid production in India, addressing its current reliance on imports.

September 25, 2024
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