LONDON (Feb. 17)
Negotiations for new American participation in the financing of a 500,000 ton phosphate calcination plant in Israel are now in an advanced stage, the Financial Times reported here today. According to the newspaper, Swift and Co, and the banking firm of Carl M. Loeb and Rhoades are the American enterprises involved, the amount needed for the acquisition and installation of the plant being $6,000,000. The phosphate concession, in the Negev, is now held by the Israel-American Phosphate Company.
If the new expansion program goes through, it was stated here, the phosphate works near the Dead Sea, in Israel, could produce $30, 000, 000 worth of the mineral by 1968 or 1969. Mineral exports have been increasingly a source of foreign currency for Israel, having risen in the last three years from $9,000,000 to $23,000,000.