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BACKGROUND

BACKGROUND . Project was conceived to ensure consistent supply of Phosphoric Acid for FFBL DAP plant operation. MOU signed with OCP - June 01, 2004 Project feasibility study concluded - September 2004 Shareholders agreement signed - September 14, 2004 Fauji group mobilized – January 01, 2005

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BACKGROUND

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  1. BACKGROUND • Project was conceived to ensure consistent supply of Phosphoric Acid for FFBL DAP plant operation. • MOU signed with OCP- June 01, 2004 • Project feasibility study concluded - September 2004 • Shareholders agreement signed - September 14, 2004 • Fauji group mobilized – January 01, 2005 • Licensors and Engineering contracts – January 14, 2005

  2. INTRODUCTION OF OCP (Office Cherifien des Phosphates) • State owned Moroccon organization established in 1920, with Head office at Casablanca • Main areas of business: • Mining and export of Phosphate rock • Manufacturing & export of Phosphoric acid & Phosphatic fertilizers • Annual Turnover- $ 2 Billion • Employees arround 20000 • Production facilities at Safi and Jorf Lasfar • Phosphate rock mining facilities at Khourigba, Youssoufia, Benguerir and Boucraa. Total reserves are ~80 Billion MeT • Joint ventures with India (IMACID & PPL), Belgium/Germany (EMAPHOS) • Joint venture with Brazilian group (BUNGE) is being negotiated

  3. PMP

  4. PROJECT SALIENT FEATURES • Sulphuric Acid Plant : 3410 MTPD (1,125,000 MTPY) • Phosphoric Acid Plant : 1135 MTPD (375,000 MTPY) • Power Plant : 32 MW • Water Treatment : 2 Demin. Trains & 3 Polishers • Infrastructure : Offsites and other facilities • Total Cost : 2030 Million MAD • Debt / Equity : 60 / 40 • Effective Date : Jan 14, 2005 • Completion time : 30 Months

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