(MENAFN) Morocco's Office Cherifien des Phosphates (OCP) said that it will add four new plants by mid-2015 to raise by 70 percent the mining capacity of the world's top phosphate reserves holder, as global demand for fertilizers grows, Reuters reported.
The four plants, all of which are to be in the Moroccan industrial port Jorf Lasfar, are part of a $7 billion investment plan by the state-controlled OCP, Morocco's top export earner, OCP added in statement.
Their combined output of four million tons will triple to an annual 9 million tons Morocco's production capacity of diammonium and monoammonium phosphate, key chemical fertilizers.
The plan will also raise by close to 70 percent OCP's phosphate mining capacity to 50 million tons, OCP added. It did not say when it aims to reach that target.
OCP already controls around 45 percent of the world market for lime phosphate, and controls more than 30 percent of global phosphate exports, according to its data.
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