Board of Coromandel International approves strategic investment in mining co.

6 May 2022 , 01:12 PM

The Board of Coromandel International and Parry Chemicals, a wholly owned subsidiary, in their respective meetings held today, i.e.,06 May 2022, considered and approved the following Investment: – Acquisition by Parry Chemicals of 225,000 fully paid ordinary shares of face value of XOF 23,000 per share of Baobab Mining and Chemicals Corporation SA, Senegal (BMCC), representing 45% of issued share capital of BMCC, from Baobab Fertilizer Africa, which is an existing shareholder of BMCC, at a consideration of USD 19.6 million. – Giving of loan by Parry Chemicals to Baobab Mining and Chemicals Corporation SA up to USD 9.7 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. Powered by Capital Market – Live News