Sunkar Resources Plc, a company with plans to become an integrated phosphate fertiliser manufacturer, has agreed to acquire the remaining 10 per cent of its subsidiary Temir Service LLP (TS) for US$5.9 million (£4 million) in cash.

Sunkar Resources Plc, a company with plans to become an integrated phosphate fertiliser manufacturer, has agreed to acquire the remaining 10 per cent of its subsidiary Temir Service LLP (TS) for US$5.9 million (£4 million) in cash.

Sunkar currently owns a 90 per cent stake in TS, a Kazakhstan venture that holds the sub-soil use rights for the Chilisai phosphorite deposit in Kazakhstan, where it has been extracting phosphate ore since September.

As the sole owner of TS, the company plans to develop an integrated phosphate fertiliser production facility at the deposit.

Serikjan Utegen, Sunkar CEO, commented: “Having rapidly progressed early mining of the Chilisai phosphorite project since IPO in June, Sunkar is pleased to have agreed the acquisition of the final 10 per cent of TS, which will enable the company to realise the potential of the deposit.”