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Israel Chemicals, Lev Leviev, Plan Investing $800 Million in Namibian Phosphate Mine

Lev Leviev picture Tamar Matzapi

Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) was recently in contact with Africa-Israel Investments Ltd. (TASE:AFIL) controlling shareholder Lev Leviev about possible investment in a huge phosphate mine that he is promoting, sources inform “Globes.”

Israel Chemicals, controlled by the Ofer family’s Israel Corporation (TASE: ILCO) is mulling an investment of hundreds of millions of dollars to develop and operate the project. Leviev was unavailable for comment on the matter. Israel Chemicals said, “From time to time, Israel Chemicals considers opportunities and options for diversifying its sources of raw materials. If and when the company has something to report, it will do so as is appropriate.”

The Namibian government is set to end the temporary prohibition on offshore phosphate mining imposed for the past 18 months and which resulted in the freezing of Leviev’s planned offshore mining project. If the prohibition is now lifted, and Leviev receives a permit, then commercial production could commence by the end of 2017 or early 2018.

Leviev’s private company LL Namibia Phosphate (LLNP) plans investing $800 million in building a mining facility to produce about two million tons annually from an estimated two billion tons at a depth of 300 meters.

Published by Globes [online], Israel business news – www.globes-online.com

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