Samsung may be a name more familiar with phones but the South Korean megacompany also has a large fertiliser arm, Samsung C&T.
And when Samsung C&T announced they had signed an agreement with Centrex on Thursday, the share price of the Australian phosphate miner tripled in response.
Centrex's new retail arm Agriflex will use Samsung C&T as its exclusive marketing agent for phosphate sales into Korea, Japan, Indonesia, India and Mexico.
The deal has a strong North West Queensland interest as it relies on Centrex pushing ahead with its Ardmore phosphate mine 120km south of Mount Isa.
The proposed mine near Dajarra has the potential to produce 800,000 tonnes of raw phosphate a year will be able to help lessen Australia's reliance on imported phosphorus and also keep a lid on soaring prices, currently at $1250 a tonne at a retail level.
The agreement will run for three years and will see around 160,000 tonnes of product from its Ardmore Phosphate Project south of Mount Isa handed over for sale
Samsung C&T will pay the market netback price for the phosphate.
Centrex's Managing Director Robert Mencel said the project was shaping up to be a real game-changer.
"We are pleased to do business with Samsung, one of the worlds' largest fertiliser traders," Mr Mencel said.
"The signing of the term sheet reflects the strong international interest in the project and its future production."
In October New Zealand company Chatham Rock announced it had bought Korella phosphate mine near Phosphate Hill and Centrex/Agriflex has already made available a package of 25,000 tonnes of phosphate rock suitable for both conventional and organic farmers.
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