The acquisition involves an immediate US$10 million cash payment for a 16.667% stake in Fosfatos del Pacífico S.A. (Fospac), which holds the mining rights to the Bayovar 9 site. Bifox has secured a call option for the remaining 83.333% of shares for US$50 million, intended for execution following a planned pre-IPO capital raise. CEO Tim Koster stated that the project will serve as a cornerstone for supplying key markets in the United States, Latin America, and Asia.
In section Releases
Bifox to Acquire Major Peruvian Phosphate Deposit in Growth Push
Bifox Limited has moved to secure the 550-million-tonne Bayovar 9 phosphate project in Northern Peru, signing agreements to acquire the asset from Fossal S.A.A. The deal, valued at US$60 million, positions the company to become a significant global supplier amid rising demand for fertilizer and battery-grade minerals.
Bayovar 9 is a massive sedimentary resource, with 209.3 million tonnes classified as measured, 183.6 million tonnes as indicated, and 153.3 million tonnes as inferred. Bifox intends to develop an initial 2.5 million tonne per annum (mtpa) operation, with potential to scale to 5 mtpa. The site is strategically located 15 kilometres from port infrastructure and sits outside Middle East conflict zones, offering a stable alternative for nations that have designated phosphate as a critical mineral. While the project previously received environmental approval in 2016, Bifox is currently navigating a re-application process to align with contemporary requirements.
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