The Tunisia Company of Phosphates Gasfa (CPG) has reached an agreement with the bank groups Amen Bank and BIAT to obtain a facility of 33 million dinars ($ 17 million) to finance the expansion of its mining activities.
The resulting loan is interesting enough to the Tunisia Company of Phosphates Gasfa, as it will be repaid over seven years with a 2-year grace period. The rates offered are too flexible. BIAT and Amen Bank have respectively accepted 1.4% and 1.85%. The money raised by GC will enable it to acquire the equipment necessary for the creation of a phosphate production unit in the town of Gasfa.
These agreements were signed by the CEO of the Tunisia Company of Phosphates Gasfa, Romdhane Souid, and the CEO of BIAT Mohamed Karam Akmed Agrebi and CEO of Amen Bank. They will allow the Gasfa to acquire the equipment necessary for the creation of a phosphate production unit.
The achievement of Om Lakhchab project between Metlaoui and Gafsa, needs funds amounting to 104 million dinars.
Note that the overall cost of the project is announced at 104 million dinars. These extension works should enable the Tunisian enterprise to reach some market share lost due to the drop in production. Although it has improved since the beginning of the year and reached 10,000 tons per day for the month of February 2015. In 2010, the company has reached 20,000 tons per day.
With a century of experience in the operation and marketing Tunisian phosphates, CPG is one of the largest phosphate producers in the world. It ranks fifth worldwide with current production exceeding 8 million tons of marketable phosphate in 2007.