PhosCo has taken a major step toward developing its Gasaat phosphate project in Tunisia after signing a memorandum of understanding (MoU) for a long-term partnership with leading Pan-African engineering group STUDI International.
Alongside the strategic alliance, STUDI will make a direct AU$1.4 million investment in PhosCo through one of its African subsidiaries. The investment involves subscribing for over 9.5 million fully paid ordinary shares at 15 cents per share, accompanied by an equal number of attaching options exercisable at 20 cents until June 2029.
The agreement positions STUDI as PhosCo’s preferred engineering and advisory partner as the company advances Gasaat through its pre-feasibility study (PFS) and bankable feasibility study (BFS).
The non-binding MoU framework spans successive development phases, from initial project studies and detailed engineering through to procurement, construction support, and commissioning.
Founded in 1970 and headquartered in Tunis, STUDI brings 56 years of operational experience, a 700-strong workforce, and a proven track record across more than 40 African countries. The firm ranks among Africa’s top international design consultancies, with extensive expertise in major transport, port, water, and power infrastructure projects.
PhosCo Managing Director Taz Aldaoud said the partnership will showcase the value of STUDI’s regional capabilities and local presence.
“We are delighted to align PhosCo with STUDI as we ramp up feasibility study activities,” Aldaoud said.
“STUDI is uniquely placed to help us develop Gasaat with immense experience in project development throughout Africa and the important home ground advantage of being Tunisian.”
Proceeds from the AU$1.4 million share placement will fund ongoing exploration, permitting activities, and feasibility studies at Gasaat, as well as general working capital.
The company remains on track to release an updated scoping study for the project later this month.