India’s state-run Rashtriya Chemicals & Fertilisers (RCF) said it will embark on an ambitious investment project of U$$1.9 billion for setting up an ammonia-urea and phosphates plant in Mozambique.
RCF said in a brief statement released on Saturday that its initiative is crucial especially when the country’s fertilizer industry is striving to survive due to rising subsidy burden and burgeoning raw material cost.
“An RCF team had been to Mozambique to hold talks with the government authorities and companies like Industrial Development Corporation (IDC) and FOSKOR.
“RCF will soon file an expression of interest for development of an ammonia-urea and phosphates plant in Mozambique”, reads the document.
The funding pattern of the proposed investment will be finalized in due course, adds the statement.
RCF has estimated an investment of $1.9 billion for mining purposes.
Rock mining could be undertaken by RCF, South Africa’s Industrial Development Corporation and the government of Mozambique.
Source African Press Agency
