The China-ASEAN Fund on Investment Cooperation has invested 50 million U.S. dollars to aid in the development of a potash salt ore mine in Laos, the fund operator said Friday.
The fund has bought a stake in Asian Potash Corp. Ltd., the Chinese investor in the Laos potash salt ore mine in Khammouane Province in Laos, the operator said in a press release.
The project, which is expected to be Asia's biggest potash fertilizer producer with an annual production capacity of 3 million tonnes, has a total investment of 8 billion yuan (1.25 billion U.S. dollars).
Its first-phase facility is expected to be operational early next year with an annual production capacity of 500,000 tonnes.
In 2009, China set up the 10 billion U.S. dollar China-ASEAN Fund on Investment Cooperation to support infrastructure development in the China-ASEAN region and to enhance trade and economic ties.