Itafos Announces Appointment of Chief Executive Officer
January 20 2020 - 7:30AM
Itafos (TSX VENTURE: IFOS) (the “
Company”)
announced today that its Board of Directors has appointed Dr.
Mhamed Ibnabdeljalil as Chief Executive Officer, effective
immediately. Dr. Ibnabdeljalil has been serving as interim Chief
Executive Officer since May 16, 2019. Dr. Ibnabdeljalil has also
been serving as a member of the Company’s Board of Directors since
December 31, 2016 and will continue in that role.
“The Board of Directors is pleased to confirm
Mhamed as permanent CEO,” said Anthony Cina, interim Chairman of
the Company’s Board of Directors. “Since becoming interim
CEO, Mhamed has been integral in reshaping our strategy and
business plan during a challenging economic cycle as the industry
faces significant and continued downward pressure on global
fertilizer prices. We are extremely confident that Mhamed’s
extensive knowledge of and experience in the global fertilizer
market makes him uniquely qualified to lead the Company and our
global executive team over this next phase in the Company’s growth
and success.”
Dr. Ibnabdeljalil has a track record in leading
multi‐billion-dollar sales, marketing, raw material procurement,
logistics, complex deal structuring and negotiation, and emerging
markets M&A efforts across emerging and developed markets.
Previously, he served as the Executive Vice President and Chief
Commercial Officer of OCP Group S.A., a leader in the global
phosphate industry. There, Dr. Ibnabdeljalil played an integral
role in the corporate and strategic restructuring of OCP, reshaping
its role in the phosphate fertilizer sector as a global leader. Dr.
Ibnabdeljalil has served as a director on more than a dozen boards
of fertilizer companies in Europe, India, Middle East and
Americas.
About Itafos
The Company is a vertically integrated phosphate
fertilizers and specialty products company with an attractive
portfolio of long-term strategic businesses and projects located in
key fertilizer markets worldwide.
The Company owns, operates and is developing the
following businesses and projects:
- Itafos Conda – a vertically
integrated phosphate mine and fertilizer business with production
and sales capacity of approximately 550kt per year of monoammonium
phosphate (“MAP”), MAP with micronutrients
(“MAP+”), superphosphoric acid
(“SPA”), merchant grade phosphoric acid
(“MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US;
- Itafos Arraias – a phosphate
fertilizer business with production and sales capacity of
approximately 500kt per year of single superphosphate
(“SSP”), SSP with micronutrients
(“SSP+”), premium PK compounds and approximately
40kt per year of excess sulfuric acid located in Tocantins,
Brazil;
- Itafos Farim – a high-grade
phosphate mine project located in Farim, Guinea-Bissau;
- Itafos Paris Hills – a high-grade
phosphate mine project located in Idaho, US;
- Itafos Santana – a vertically
integrated high-grade phosphate mine and fertilizer plant project
located in Pará, Brazil;
- Itafos Mantaro – a large phosphate
mine project located in Junin, Peru; and
- Itafos Araxá – a vertically
integrated rare earth elements and niobium mine and extraction
plant project located in Minas Gerais, Brazil.
For more information, or to join the Company’s
mailing list to receive notification of future news releases,
please visit the Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news
release constitutes forward looking information. All information
other than information of historical fact is forward looking
information. The use of any of the words “intend”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forward looking information.
This information involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
information. No assurance can be given that this information will
prove to be correct and such forward looking information included
in this news release should not be unduly relied upon.
Forward looking information is subject to a
number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such forward
looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to, those
risk factors set out in the Company’s Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Readers are cautioned that the
foregoing list of risks, uncertainties and assumptions are not
exhaustive. The forward-looking information included in this news
release is expressly qualified by this cautionary statement and is
made as of the date of this news release. The Company undertakes no
obligation to publicly update or revise any forward-looking
information except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For further information, please
contact:
Itafos Investor
Relationsinvestor@itafos.comwww.itafos.com
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