The Jordan Phosphates Mines Company is planning to invest nearly $1.6 billion in new projects over the next five years, its CEO was quoted on Monday as saying.

Abdul Wahab Al-Ruwad told an industry seminar in the capital Amman that the Company has made substantial achievements over the past year following heavy investments by becoming the world’s second largest phosphates exporter.

“We have plans to investment nearly $1.6 billion in the next five years in new projects covering fertilisers and phosphate products,” Ruwad said at Saturday’s seminar.

In his comments published by the Jordanian Arabic language daily Addustour on Monday, Ruwad said the Company produced nearly 11.2 million tonnes of phosphates in 2022, of which around 55 percent were exported.

The Company also produced more than one million tonnes of phosphoric acid in 2022, Ruward said, adding that the value of its exports totaled nearly $1.7 billion Jordanian dinars ($2.38 billion) in 2022.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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