Phosphate is one of the three primary nutrients used in the manufacture of fertilizers. Along with potash (KCl) and nitrogen, it helps to ensure long term food production security across the globe. With the rapid growth in the agricultural economy of Latin America, fertilizer consumption on the continent is forecast to expand and access to new phosphate deposits will become increasingly important to the region's fertilizer manufacturers. Peru currently consumes almost 350,000 tonnes of fertilizer per year and demand is increasing. But, despite production from the large-scale Bayóvar phosphate mine in the Sechura desert, which has been in operation since 2010, Peru is still reliant on phosphate imports to satisfy demand.
The Bayovar 12 concession, in the Sechura basin of northern Peru, is adjacent to Vale's Bayovar phosphate mine. The results of an independent updated pre-feasibility study were published in May 2016.
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