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Gold/Mining/Energy : IBI CORP IBIC (CDN)
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To: Elizabeth A Rice who wrote (274)5/4/1999 2:06:00 PM
From: Elizabeth A Rice   of 422
 

IBI receives first phosphate order from USAID; production under way


Mr. Tom Smeenk reports
Agribusiness Development Centre (ADC) of the U.S. Agency for International Development has ordered four tonnes of Busumbu blend phosphate fertilizer from the company.

ADC has set up 4,000 demonstration plots throughout Uganda over the past four years and has a further five-year mandate to demonstrate the necessity and benefits of using fertilizer.

Agricultural soils in Uganda and surrounding countries are characterized by severe phosphate deficiencies. The demonstration plots set up by ADC have shown that crop yields can be increased two to three times through the application of phosphate fertilizers. ADC estimates annual fertilizer use in the Busumbu market area to be approximately 290,000 tonnes, all of whichis currently imported. In a letter dated July 14, 1998, ADC reported that fertilizer prices at the village level can reach up to $750 per tonne. The Busumbu phosphate is simple to beneficiate. The company estimates its cost
to produce the Busumbu blend phosphate fertilizer will be approximately $150 per tonne.

The company previously announced its proven reserve of 8.5 million tonnes 11 to 15 per cent P2O5 with 30 to 50 million tonnes of additional potential phosphate-bearing material of similar grade.
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