Odyssey Marine Exploration and Capital Latinoamericano (CapLat) have announced a joint venture to develop an offshore fertiliser project.
Building on extensive research and validation of a high-quality phosphate resource within Mexico’s exclusive economic zone, Odyssey said the joint venture seeks to establish a private-public partnership with the Mexican government.
The project will employ dredging techniques that have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project.
"A secure, high-quality domestic fertiliser supply can be transformative for North America’s agricultural foundation,” said Juan Cortina, principal of CapLat. “This project has the potential to lower costs for farmers and bring meaningful benefits to communities—particularly small-scale farmers—by increasing access to affordable fertilizers and fostering rural development."
Odyssey also announced that it had entered into a securities purchase agreement pursuant to which Odyssey secured $4 million in funding. The investment was led by Mr. Cortina, holders of Odyssey’s debt, and Odyssey’s lead director.
Separately, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.