Western Australian agricultural investor Avenira (formerly known as Minemakers until 2015) has secured around $13.5 million of investor funding for its West African Boabab phosphate project, located at the large Gadde Bissik deposit to the east of Senegal capital Dakar.
The largest commitment came from UAE fertiliser company Agrifos DMCC, who have pledged $5.34 million, while Avenira’s largest shareholder Agrifos — also a fertiliser company— has agreed to an offer of $4.2 million. Avenira partner Tablo, which owns a 20 per cent stake in the project, has also contributed $4.2 million.
Avenira Managing Director and CEO Louis Calvarin was pleased with the result.
“This is a very positive outcome for Avenira and the Baobab Phosphate Project,” he said. “The level of support we continue to receive from our major shareholders is testament to the quality of the Gadde Bissik mine product and to the long term potential of the operation.
“We have set out a clear strategic plan to deliver a capacity and performance expansion of the existing processing facility to improve recovery and product grade. This funding continues to underpin this strategic plan, and will contribute to engineering studies and other upfront costs.”