The MV Leo Star 1 vessel, loaded with 21 400 t of phosphate, departed the Port of Dakar on 7 March 2017 bound for an established fertiliser manufacturing site in India.
This is part of introducing Avenira’s phosphate rock to the Indian market and assessing its suitability for phosphoric acid manufacturing by that end customer.
Avenira said there is approximately 5 000 t of phosphate currently stockpiled at the Port of Dakar. While the trucking of the product continues, a second smaller shipment for the European market is anticipated by early April 2017.
The milestone shipment has triggered the conversion of 40 million class B contingent share rights held by Baobab Partners into 40 million fully paid ordinary shares in Avenira. This is in accordance with the terms of the merger implementation agreement for the acquisition of the Baobab project.
Avenira said in October last year it had began with the first trucking of phosphate product from the Baobab project site to the stockpile at the Port of Dakar, some 145 km from the mine site. Avenira loaded 50 t covered trucks departing from Avenira’s Baobab project site for Port of Dakar.
This followed the company’s last development milestone of first posphate production, which it achieved in August, only five months after starting mining activities in March.
Avenira’s strategy to develop the project is based on an initial Stage 1 operation producing 500 000 tpa of phosphate product, with later stages allowing for production expansion.
The successful US$15 million development of Stage 1, which was delivered on time and on budget, paves the way for Avenira to continue to pursue its strategy of multiple stages of expansion across the Baobab project.