In December 2007, led by IFFCO, the farmer's Fertilizer Association of India (India) began to take over the Senegal Phosphate Fertilizer Company, which has been deteriorating. The Indian Farmers’ Fertilizer Association organized a number of companies to set up a consortium to jointly invest 100 million U.S. dollars to revitalize the phosphate fertilizer company financially and technologically. In addition, in the next three years, the Indian fertilizer consortium will also borrow 100 million U.S. dollars to invest in the phosphate fertilizer company. At present, the Indian Farmers’ Fertilizer Association holds a 19.1% stake in the phosphate fertilizer company; the Archean Group would not disclose the specific shares in the phosphate fertilizer company in Senegal, but it pointed out that the company holds a phosphate fertilizer company together with the Indian Farmers’ Fertilizer Association. 84 .1% of shares.
In February this year, the phosphate fertilizer company in Senegal held a meeting to approve a resolution that approved all shareholders, including the Indian Farmers’ Fertilizer Association, to reduce the current capital stock to zero. As of December 31, 2006, the original Senegal Phosphate Plant had accumulated more than US$400 million in debt, and the company had barely retained any capital of the original rice. However, the company’s situation has also become a major obstacle to M&A plans.
It is reported that the shares held by the original shares are: Indian Farmers Fertilizer Association holds 19.09%, Senegalese government holds 46.38%, and the Indian government holds 6.97%. The three countries' Slovakia, Nigeria, and Cameroon governments each have 4 % of shares. At present, the Senegal Phosphate Fertilizer Plant has the capacity to produce 660,000 tons of phosphoric acid annually. The bulk phosphoric acid will be transported by sea to the Indian Farmers Fertilizer Association.
However, due to shortages of raw materials, backwardness of equipment, and other factors in recent years, the benefits of the Senegal Phosphate Fertilizer Plant have deteriorated. An effective way to solve the dilemma of the enterprise is to sell the backlog of products to the immediate area.
According to reports, the output of phosphoric acid depends on whether or not the phosphate rock resources are abundant. At present, the Senegal Phosphate Fertilizer Plant owns a mine, and its annual output of phosphate ore is between 2 million and 2.2 million tons. The company plans to increase investment in the extraction of phosphate ore and it is expected that the next mine will have an annual capacity of 3 million tons. Before the Senegal Phosphate Plant became in trouble, the company provided 550,000-600,000 tons of phosphate fertilizer each year to the Indian Farmers' Fertilizer Association. However, due to the intensified internal problems of the company, the annual supply of phosphate fertilizer to the Indian Farmers' Fertilizer Association has been decreasing. The company provided India with between 275,000 and 300,000 tons of phosphate fertilizer.
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