(Ecofin Agency) - Minemakers Ltd, a mining company listed on ASX and TSX, completed the acquisition from Baobab Partners LLC, a subsidiary of Agrifos Partners LLC, of the sizeable Baobab phosphate project covering a promising area of about 1,553 km2 in Senegal.

The Baobab project coming into its possession follows, the company explained on 24^th September, a reversed triangular merger gathering Baobab Fertilizer Africa, a subsidiary wholly-owned by Baobab Partners and parent company of BMCC, and Minemakers Baobab Mauritius, subsidiary of Minemakers Ltd.

Baobab Fertilizer Africa emerged from this grouping with Minemakers Ltd as its sole shareholder who will, as part of the buyout of project Baobab, issue to Baobab Partners, among others, 100 million ordinary shares, 80 million non-listed options at the strike price of AUD 0.23 with a maturity period of 4 years.

The commitments of the company include the first commercial production of phosphate and the issuance of shares to meet the rights of 40 million registered shares by the date of the first commercial production of phosphate.

In July, Minemakers signed a memorandum of understanding with Terminaux Vraquiers du Sénégal-Necotrans (TVS Necotrans) to export the phosphate production from its Gadde Bissik project through the Dakar Port. Gadde Bissik is a vast project of about 90 km2, identified during the drilling of a water well in the 1950’s, in the Baobab project. Located 110 km East of Dakar, it reportedly holds 68 million tons of inferred resources with 22% phosphate content.
 
Minemakers Ltd wants to start supplying, during March 2016, the phosphate production from this deposit and hopes to increase its production rhythm to reach 500,000 tons of phosphate per year, by the beginning of the second half of 2016.