Lara Exploration to mine phosphate rock in Chile

The Canadian company Lara Exploration has agreed with the government of Chile to resolve all environmental issues related to the implementation of the Bifox Phosphate Project (Atacama Desert of northern Chile).

Lara Exploration has filed an application with the Servicio Nacional de Geología y Minería (“Sernageomin”) to reinstate its operating permits to produce phosphorites. Once permits are obtained, Lara Exploration will immediately resume mining, first producing up to 5 thousand tons of phosphate rock per month, and eventually ramping up to 20 thousand tons per month.

Last year, Bifox Phosphate Project completed exploration, and this year further work is planned to define reserves and resources. The Bifox phosphate rock testing confirmed that they are quite suitable for the production of both triple superphosphate (TSP) and single superphosphate (SSP).

Lara Exploration is implementing projects to develop gold and copper deposits in Peru and Brazil. Bifox Phosphate is a new project for the company, with Bifox being the project operator (Lara owns roughly 14% of the shares of Bifox), formerly known as Phillips River Mining.

Lara Exploration plans to bring Bifox to an IPO, however, it does not plan to give up control over it: Lara will receive a 2% royalty once the production exceeds 50 thousand tons per annum.