Tim Koster, the CEO of pre-IPO company BIFOX, recently sat down with Manny Anton from the Finance News Network to discuss the company’s operations and future plans. BIFOX is a fully integrated mining operation based in Chile, with a focus on processing phosphate into fertilizer products for the agricultural market.
Koster explained that BIFOX is expanding its market base into Brazil, Argentina, Uruguay, and Paraguay with high-grade phosphates. The company’s strategy for growth involves adding value to the underlying commodity of phosphate through specialized fertilizer products and igneous phosphate for use in battery production.
In terms of market size, Koster highlighted that Chile has a market for 600,000 tons of fertilizer products annually, while Brazil’s market is significantly larger at 9 million tons per year. BIFOX aims to produce 2 million tons per year, with Brazil as a key market for their products.
Koster also shared that BIFOX is on track to achieve operational profitability, with plans to increase production to 10,000 tons per month. The company recently announced a capital raising of 5 million Australian dollars to fund asset acquisitions and working capital for production expansion.
Looking ahead, Koster confirmed that BIFOX is planning to IPO before the end of 2024, with a larger institutional raise expected in the next two quarters. The company is debt-free and focused on reaching its production targets to prepare for the IPO.
Overall, BIFOX’s growth strategy and plans for expansion in the Latin American market position the company for success in the coming years. Investors and industry stakeholders will be keeping a close eye on BIFOX as it moves towards its IPO.