PhosCo Shows US$732M NPV for Tunisia Phosphate Project
An updated Scoping Study for the Gasaat Phosphate Project in Tunisia projects strong after-tax returns and a 49-year mine life.
Updated on Nov. 9, 2026 in Investing
PhosCo Ltd released an updated Scoping Study for its Gasaat Phosphate Project in Tunisia, reporting an after-tax NPV10 of US$732 million and an IRR of 52%. The company will proceed with a preliminary and bankable feasibility study.
Why it matters
The study underscores PhosCo's strategy to meet global demand for new fertiliser sources. Backing from the Tunisian Government and the European Bank for Reconstruction and Development since the 2022 study adds institutional support to the project.
The updated Scoping Study reports an after-tax NPV10 of US$732 million, a 52% IRR and a 20-month payback from commercial production. Estimated development capital is US$199 million, with roughly US$220 million in total funding still expected to be required.
The players
PhosCo Ltd
PhosCo Ltd is the company developing the Gasaat Phosphate Project in Tunisia and released the updated Scoping Study.
European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development is a multilateral lender that has provided backing for the Gasaat Project since the 2022 study.
The details
The project outlines an open-pit mine delivering 1.4 Mtpa of high-quality concentrate, and a metallurgical breakthrough enables a simplified, single-stage flotation flowsheet producing premium and standard grade phosphate concentrates. PhosCo targets a 49-year mine life producing 134 Mt at 19.9% P2O5.
Timeline
2022: Previous Scoping Study completed
November 8, 2026: Updated Scoping Study results published
Market Dynamics
The Gasaat project seeks to add new phosphate supply in a market where fertiliser inputs remain central to global agriculture. Its proposed 49-year mine life and single-stage flowsheet position it as a long-term supplier rather than a short-cycle venture.
Investors tracking mining-sector opportunities may weigh the projected 52% IRR and 20-month payback against the still-unsecured US$220 million funding need. The outcome of the feasibility studies will determine whether these projections hold.
The takeaway
Scoping study projections such as NPV and IRR are preliminary and depend on the feasibility work and funding that follow. Readers evaluating resource projects should track whether those next-stage studies confirm the figures.
What happens next
PhosCo will proceed with a preliminary and bankable feasibility study for the Gasaat Phosphate Project.
Further reading
For more on how project-level returns like these are evaluated, see the Investing section.
Source note: This article includes information reported by Finance News Network.
