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Jordan Seeks New Investment in Phosphate Exploration, Petra Says

March 7 (Bloomberg) -- Jordan will allow new investments in phosphate exploration, Prime Minister Awn Khasawneh said, according to the state-run Petra news agency.

Steps have been taken to permit such investments, in line with conditions and prices satisfactory to the government, he said today in the Lower House of parliament, according to Petra.

The Jordan Phosphate Mines Co., the only company working in exploring and extracting phosphate in Jordan, says it has exploration and mining licenses covering a total area of more than 300 square kilometers in three areas in the country.

In 2006, the Jordanian government signed a deal with Brunei Investment Agency, represented by Kamil Holdings, granting exclusive rights to explore and extract phosphate across Jordan, the Jordan Times reported on Dec. 30, citing the Natural Resources Authority. Under the agreement, any offers for new investments in phosphate mining must be approved by Kamil, owner of 37 percent of the phosphate company, which has the first right of refusal, according to the newspaper.

To contact the reporter on this story: Mohammad Tayseer in Amman at mtayseer@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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