www.jdcphosphate.com

Agrifos, through its Vulcan LLC subsidiary, is one of the largest shareholders of JDC Phosphates, a company that has developed a disruptive new technology for making phosphoric acid. The technology permits the use of very low quality phosphate rock, produces high quality acid, and generates no meaningful wastes (i.e. no phospho-gypsum). JDC expects to deploy its technology at a commercial scale in the coming year or two.

Vulcan also owns approximately 5.7% of Minemakers, a position it acquired in 2013. Minemakers has a large phosphate resource in central Australia and is, itself, also a significant investor in JDC. Note that the existing phosphate reserves of Minemakers, along with those in the Baobab Mining and Chemicals, are highly suitable for use in the JDC process for making phosphoric acid.