Board of Coromandel International approves strategic investment in mining co

11 May 2022 , 01:34 AM

The Board of Coromandel International and Parry Chemicals a wholly owned subsidiary in their respective meetings held today ie06 May 2022 considered and approved the following Investment – Acquisition by Parry Chemicals of 225000 fully paid ordinary shares of face value of XOF 23000 per share of Baobab Mining and Chemicals Corporation SA Senegal BMCC representing 45Percentage of issued share capital of BMCC from Baobab Fertilizer Africa which is an existing shareholder of BMCC at a consideration of USD 196 million – Giving of loan by Parry Chemicals to Baobab Mining and Chemicals Corporation SA up to USD 97 million for capital projects and expansion This strategic investment in mining operation is being made by the Company to strengthen its backward integration and secure long-term supply of rock phosphate which is one of the key raw materials for the Company