Chinese Phosphate Investment
In April 2008, the Board of Directors of Phosphate Resources Ltd approved the acquisition of the management rights and a majority stake in the Makou, Jie Mei Yen and Xin Ping Phosphate mines in Kaiyang County, Guizhou Province China, through its wholly owned subsidiary Phosphate Resources (China) Ltd, subject to the Chinese Government’s approval to the consolidation of the mines and the issuance of mining licences and resource rights for the mines to our nominee.
The underground mines are currently being managed by our subsidiary and have the capacity to produce up to 100,000 tonnes of commercial grade phosphate per year. We are looking forward to actively growing our interests in the region in the near future.