(Alliance News) - Keras Resources PLC on Monday announced its wholly owned subsidiary, Falcon Isle Resources Corp, has signed a five year 50:50 joint venture deal with Phosul LLC.
Shares in Keras surged 17% to 3.64 pence each in London on Monday morning.
Keras is a Surrey, England-based mine developer focused on West Africa and the US.
The JV includes the construction and commissioning of Falcon Isle's granulator plant, which will be funded by Phosul.
The plant will produce a PhoSul granulate comprising 80% of Falcon Isle's high grade organic rock phosphate from its Diamond Creek mine.
In addition, Falcon Isle has agreed to acquire an 8.4 acre property with 77,000 square feet of recently constructed undercover warehouse infrastructure for USD700,000 in the town of Delta, Utah.
Falcol Isle will continue to produce its current dry phosphate products as well as the new PhoSul JV granulates at the Delta facility, Keras said.
Phosul is a specialised organic soil enhancement fertilizer company with granulator operations in Idaho, US.
By Sabrina Penty, Alliance News reporter
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Keras Res (KRS)