Crops has abandoned a project in Peru
The Canadian company Crops (formerly Focus Ventures) announced the termination of the Bayovar 12 project (Peru).
According to its official statement, in 2016 a pre-feasibility study was prepared for the production of phosphate rock from the Bayovar 12 project. Soon after, the global prices for phosphorites fell significantly and remain soft up to the present day.
But with that said, in 2018, Crops completed a beneficiation testwork program on the phosphate beds there. The results indicated three varieties of concentrates suitable for the production of phosphate fertilizers and characterized by low levels of impurities. Negotiations were initiated with various manufacturers and consumers.
At the same time, the Peru mining agency required Crops to extract gypsum on the Bayovar 12 project, however, the proceeds from its sale did not cover the costs and taxes levied. Therefore, the Crops Board of Directors has decided to abandon the Bayovar 12 project.