en.Wedoany.com Reported - Bifox has acquired a 16.7% stake in Fosfatos del Pacífico for $10 million in cash, with the right to purchase the remaining equity. Fosfatos del Pacífico is the owner of the Bayovar 9 phosphate project in northern Peru, which holds 550 million tons of phosphate rock resources.

The stake was purchased from Fossal, a subsidiary of the Hochschild Group. Bifox also holds a call option on the remaining 83.3% stake in Fosfatos del Pacífico, exercisable for $50 million after the planned pre-IPO financing.

The Bayovar 9 phosphate project has total resources of 550 million tons, including 209.3 million tons of measured resources, 183.6 million tons of indicated resources, and 153.3 million tons of inferred resources. The deposit is located approximately 15 kilometers from a port on Peru's northern coast, enabling export via sea routes.

Bifox plans to achieve an initial annual production capacity of 2.5 million tons, with the potential to expand to 5 million tons. CEO Tim Koster stated that the transaction positions Bifox as a supplier of phosphate rock, which has been designated as a critical mineral by the United States, the European Union, the United Kingdom, Japan, Canada, and South Korea.

The production timeline will be determined based on the pre-IPO financing that triggers the acquisition option.

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