Bifox acquires phosphate project in Peru

World Fertilizer reports that Bifox Ltd entered into two agreements with Fossal S.A.A. to acquire Fosfatos del Pacífico S.A., the owner of the mining rights to the Bayovar 9 phosphate rock project in northern Peru. The transaction includes an initial US$10 million payment for 16.667% of Fospac shares and a call option to purchase the remaining 83.333% for US$50 million. The article highlights that Bayovar 9 has a 550 million tonne phosphate rock resource, is located close to port, power and road infrastructure, and could support fertilizer markets in Latin America, the United States and Asia.