In a major breakthrough, PhosCo Ltd (ASX: PHO) (‘PhosCo’ or ‘the Company’) is pleased to announce that the CCM has approved Gassaat and that the Company has entered a ground-breaking memorandum of understanding (non-binding) with the Ministry of Industry, Mines and Energy (the Ministry), and the European Bank for Reconstruction and Development (EBRD).

Gassaat permit approved

• The Consultative Committee of Mines (CCM) has approved the Gassaat Phosphate Exploration Permit (100% PhosCo).
• Gassaat encapsulates the Chaketma Phosphate Mineral Resource Estimate of 146Mt @ 20.6% P2O5¹ as well as additional phosphate targets immediately north of the deposit.
• Gassaat is key to developing Tunisia’s Northern Phosphate Basin with formal grant now pending subject to final approval by the Ministry of National Defence and publication in the gazette.
• Gassaat project is aligning on the social agenda of the Tunisian government and aim to include local communities as partners of the project through community companies.
• The news comes following the CCM approval of nearby Sekarna (also 100% PhosCo) last month, the first ever phosphate permit authorised at 100% to a foreign investor, where formal gazetting is expected imminently.

MOU signed with Tunisian Government and EBRD

• PhosCo has signed a non-binding MoU with the Tunisian Ministry of Industry, Mines and Energy, and the European Bank for Reconstruction and Development (EBRD) to collaborate on exploring and developing Tunisia’s Northern Phosphate basin hub, as well as study processing technology to convert phosphogypsum into inert materials.
• The MOU also has a strong focus on enhancing regional development through well structured support to communities and Small and Medium Enterprises (SMEs).
• The pioneering agreement signed by the Tunisian government is a first for the country’s phosphate industry and will see PhosCo work with EBRD for financing of the feasibility study and development of a financing package for the Project.

MOU signing ceremony at the Ministry of Industry, Mines & Energy.

PhosCo Managing Director, Taz Aldaoud commented:

“We are deeply honoured by the trust placed in us by the Tunisian government, as evidenced by the approval of PhosCo’s Gassaat permit application and the signing of the MOU with PhosCo and EBRD. This marks a significant milestone in advancing Gassaat and Tunisia’s Northern Phosphate Basin.

The Gassaat permit is pivotal in realising our vision for a regional phosphate processing hub. The MOU formalises our excellent relationship with EBRD and the Tunisian Government, establishing a collaborative framework to support the region’s development. We’re already seeing the immediate benefits of this partnership through meaningful cooperation between all parties involved.

We’re particularly mindful of the critical role phosphate plays in addressing global food security concerns. This project not only aligns with that crucial need but also emphasises our commitment to positive community impact. Local support and meaningful community participation are cornerstone elements of our strategy to develop Tunisia’s Northern Phosphate Basin.

This collaborative effort, backed by the Government and EBRD, underscores our shared commitment to responsible development that benefits the local community, the region, and contributes to global food security. We’re excited about the potential this project holds and are committed to its successful and sustainable implementation.”

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