MBAC Fertilizer has executed a $40m loan agreement with International Finance Corporation, a member of the World Bank Group.
The proceeds will be used for the development of the Itafós Arraias SSP Project, which includes a phosphate mine, a processing plant, and related infrastructure in central Brazil.
The project is expected to commence in early the fourth quarter of 2012.
MBAC president and CEO Antenor Silva said the loan facility, along with the $24.8m loan agreement signed with Itaú BBA, will enable the company to pursue its start-up schedule and commence production.
