South Africa's Industrial Development Corporation (IDC) is set to privatise its 97.5% held subsidiary Foskor Group next year in what looks to be the largest-ever initial public offering (IPO) on the Johannesburg Stock Exchange. Foskor produces phosphate rock from its mine near Phalaborwa in Limpopo Province, which is railed to its plant in Richards Bay where phosphoric acid and sulphuric acid are produced. In the year to end-March 2007, Foskor produced 2.67mt of phosphate rock concentrate from which it produced 529,000t of phosphoric acid and 1.5mt of sulphuric acid.
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