• Custom Search

Algeria, Indonesia sign three mining deals worth 4.5 billion USD

By Tajuddin
In BUSINESS
Jul 19th, 2016
0 Comments
944 Views
TWITTER
Industrial investment: Algeria, Indonesia ink three agreements worth $4.5bn

Industrial investment: Algeria, Indonesia ink three agreements worth $4.5bn

Algiers, Algeria (Xinhua + DIPLOMAT.SO) – Two Algerian firms and an Indonesian industrial group signed in Algiers Monday three mining deals worth 4.5 billion U.S. dollars, according to a statement from the Algerian Ministry of Industry and Mines.

The contract aims at developing and exploiting a phosphate mine in the country, as well as producing phosphoric acid and diammonium phosphate through phosphate processing.

The sites of the first two projects are located respectively in the easternmost provinces of Tebessa and Souk Ahras, near the border with Tunisia.

The third project, one on converting natural gas to produce ammonia, technical ammonium nitrate (TAN) and calcium ammonium nitrate (CAN), will be launched in the province of Skikda, 470 km east of Algiers.

The agreements would hit 5 billion dollars with the forthcoming signing of a fourth joint venture with the French group of Roullier, said the statement.

The contract was signed by the CEO of Indorama Corporation from Indonesia and its Algerian partners Asmidal and Manal group, with the presence of Minister of Industry and Mines and Indonesian Ambassador to Algiers.

This mega projects will ensure the transformation of 5 million tons of marketable phosphate rock into phosphate fertilizers, and produce 1 million ton of ammonia and 800,000 tons of calcium ammonium nitrate, the statement noted.

Algeria plans to become a “major player” in fertilizer industries by transforming the entire eastern region into a regional mining hub, which would make the country a key reference to Africa and the Mediterranean region, said the statement.

TWITTER For more news and stories, join us on Facebook,Twitter , or contact us through our Email: diplomatso@diplomat.so, diplomatsonews@gmail.com

Comments are closed.