Coromandel International acquire additional stake in BMCC, Senegal

Coromandel International announced acquisition of additional equity stake in Baobab Mining and Chemicals Corporation (BMCC), Senegal, through its wholly owned subsidiary Coromandel Chemicals. Coromandel will acquire an additional 8.82% equity stake in BMCC, taking its overall shareholding to 53.8%.

Coromandel will invest USD 3.84 million (Rs 32 crore) in BMCC, besides loan infusion of US$ 6.5 million (Rs 54 crore) to fund expansion projects and meet working capital requirements. Rock phosphate is a critical raw material for manufacturing Phosphoric Acid, an intermediate used for Phosphatic fertiliser production.

BMCC, incorporated in 2011, has renewable exploitation permit for processing phosphate ore and Coromandel acquired 45% stake in September 2022. The company has since stabilised mining operations and is currently commissioning fixed processing plant to optimise the rock production.