Cementos Pacasmayo SAA and subsidiaries announced that its Board of Directors have approved the separation of its phosphate operations Fosfatos del Pacifico (FOSPAC) from its cement operations. Ownership of FOSPAC will be transferred to separate entity FOSSAL, which will hold 70 per cent ownership whilst 30 per cent remains with MCA Phosphates PTE, a division of Mitsubishi Corp.
Chairman of FOSPAC, Roberto Dañino said, “FOSPAC is an attractive project, with substantial phosphate reserves to serve the growing demand for fertiliser worldwide … Establishing FOSSAL as a stand-alone company will allow us to pursue the process of partnering with an operating investor to develop the project.”
According to Cementos Pacasmayo CEO, Humberto Nadal, “The new structure will provide both the cement and phosphate businesses with greater long-term clarity to capitalise on growth opportunities, while investors will be able to value both Cementos Pacasmayo and FOSSAL based on their individual operations and finances.”
