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Spur sells Hubei phosphate interests

15 February 2012
Canada-based plant nutrient manufacturer Spur Ventures has sold its wholly owned China chemicals subsidiary to a Cayman Islands company for a price of US$9.3m.

The unit had an interest in two joint venture phosphate mines in Hubei province, as well as a fertiliser manufacturing plant near the Yangtze port city of Yichang. The Yichang area contains one of the largest phosphate deposits in China. The mines were intended to supply the phosphate plant but work was put on hold due to the onset of the global economic downturn in 2008, which led to a reduction in the amount of fertilisers used by farmers and a fall in prices.

Spur said it would use the money to pursue opportunities in “lower risk jurisdictions”.

     
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