PhosCo Ltd (ASX:PHO) Secures Sekarna Phosphate Project Permit
Formal Grant of Sekarna Permit
PhosCo Ltd (ASX:PHO) has officially received the exploration permit for its Sekarna phosphate project in Tunisia, covering an area of 128 km². The strictly 100% held permit represents the first phosphate concession granted wholly to a foreign investor by the Tunisian government. The company’s recent momentum follows the approval of the Gassaat project and a landmark memorandum of understanding with the Tunisian Ministry of Industry, Mines and Energy, along with the European Bank for Reconstruction and Development.
Project Significance
The Sekarna project is an early-stage analogue of the nearby Gassaat project, which boasts substantial phosphate mineral resources. PhosCo anticipates a formal grant for the Gassaat project very soon, further consolidating its position in the region. The Sekarna site exhibits abundant outcropping rock phosphate, with historical studies indicating significant phosphate mineralisation potential.
Operational Insights
PhosCo’s Managing Director, Taz Aldaoud, expressed confidence in the company’s advancing position, stating, “…The grant of the Sekarna Exploration Permit follows Gassaat’s recent approval and a landmark MOU with the Tunisian Government and EBRD. We anticipate Gassaat’s approval will also proceed to formal grant imminently. These developments highlight the trust the Tunisian Government has placed in PhosCo…” Aldaoud emphasised the commitment to responsible resource exploration and the positive impacts these projects will deliver for stakeholders, including investors and the local economy.
Next Steps for PhosCo
Fieldwork at the Sekarna site is planned to commence shortly, focusing on detailed mapping and geochemical sampling. The project aims to explore the potential for base metals as a by-product, utilising historic data and previous studies. PhosCo continues to clarify the mineralisation profile while enhancing its asset portfolio in Tunisia’s growing mineral sector.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.