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  • Morocco plans $12 bln to boost phosphate business

    CASABLANCA, Sept 20 (Reuters) - Morocco's Office Cherifien de Phosphate (OCP), the world's leading phosphate exporter, plans to invest more than $12 billion in the next years to expand output and world market share, its chief executive officer said.

    "The investment of 20 billion dirhams ($2.56 billion) and $12 billion would come in successive waves over the next seven and eight years to meet higher world market demand in the next cycle of growth," Mostafa Tarrab told a news conference late on Friday.

    Tarrab, speaking a day after a shareholders' meeting endorsed the company's strategy, said part of the money would go to upgrade OCP's production capacity, including opening new mines and transport pipeline, while other investments would be ventures with investors from Brazil, European Union, India, Libya and Pakistan. He said OCP has opened its Jorf Lasfar phosphate hub to foreign investors. Jorf Lasfar is located outside Casablanca, Morocco's commercial capital, on the Atlantic coast. OCP said the Jorf hub has a port site with a capacity to accommodate vessels carrying up to 100,000 tonnes.

    Would-be investors in the hub would benefit from Morocco's tax and real estate benefits the government usually offers as incentives to big investors as well as direct access to phosphate products at relatively lower costs, OCP said.

    "The investment is part of OCP's strategy to bolster its position as a world market leader with lower costs compared to competitors and to remain a strategic player in phosphate market," Terrab said.

    OCP has 45.5 percent of the lime phosphate world market, 49 percent of phosphoric acid and 12 percent of fertilisers, according to the company data.

    It is the third biggest phosphate producer in the world with 28 million tonnes per year behind China and United States but largest phosphate exporter with 31.6 percent market share.

    "To remain world leader, OCP has to develop dissuasive capacities to expand output, lower costs and have spare capacity and significant stocks with the aim of strengthening our position to be ahead of the competition, including new market comers," he said.

    Terrab named Saudi Arabia as among countries projecting to develop phosphate mines and fertiliser plants in the next years.

    "OCP has to occupy the market ahead of the arrival of new producers and competitors, including the Saudi," he added.

    OCP posted 4.9 billion dirhams earnings before interest, taxes, depreciation and amortisation (EBITA) in the first quarter this year, the equivalent of 44 percent of its total earnings in the whole year of 2007.

    Higher gains came in most from phosphate prices which soared to an average of $115 the tonne this year from $50 last year and $40 in 2006, according to OCP figures.

    As a result, OPC saw its net profit jumping 274 percent to 3.6 billion dirhams in the first quarter this year compared to the same period last year.

    (Reporting by Lamine Ghanmi; editing by Christopher Johnson)

  • #2
    "The investment of 20 billion dirhams ($2.56 billion) and $12 billion would come in successive waves over the next seven and eight years to meet higher world market demand in the next cycle of growth," Mostafa Tarrab told a news conference late on Friday.
    ce n'est pas très précis sur ce passage, en fait l'OCP financera ses projets à hauteur de 2O milliards dhs (2,5MM$), pour cela elle subira une entrée en bourse mnt qu'elle est SA (je pense à debut 2009 wallho A3lam) et s'attend en parallèle à 10MM$ en tant qu'IDE notamment sur la plateforme jorf lasfar hub JPH

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