Itafos Enters Into Monoammonium Phosphate Offtake Agreement

HOUSTON, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Itafos Inc. (TSX-V: IFOS) (“Itafos” or the “Company”) is pleased to announce that it has entered into a monoammonium phosphate sales agreement (the “MAP Offtake Agreement”) with J. R. Simplot Company, an international food and agriculture company.

Pursuant to the MAP Offtake Agreement, Itafos will sell J.R. Simplot Company 100% of the monoammonium phosphate (“MAP”) produced by the Company at its manufacturing facility located in Conda, Idaho during the term of the MAP Offtake Agreement which will commence on January 1, 2024, with a term of five (5) years.

“We are very excited to announce this agreement, which marks a significant milestone for Itafos,” said G. David Delaney, Chief Executive Officer of Itafos.

About Itafos

The Company is a phosphate and specialty fertilizer company. The Company’s businesses and projects are as follows:

• Conda – a vertically integrated phosphate fertilizer business located in Idaho, US with production capacity as follows:
  • approximately 550kt per year of MAP, MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”); and
  • approximately 27kt per year of hydrofluorosilicic acid (“HFSA”);
• Arraias – a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with production capacity as follows:
  • approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”); and
  • approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity);
• Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau;
• Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil; and
• Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil.
  

In addition to the businesses and projects described above, the Company also owns Mantaro (Junin, Peru), a phosphate mine project that is in the process of being wound down.

The Company is a Delaware corporation that is headquartered in Houston, TX. The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the ticker symbol “IFOS”. The Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”). CLF is an affiliate of Castlelake, L.P., a global private investment firm.