Odyssey Marine Exploration, CAPLAT Create JV for Seafloor Mining

US-based seabed exploration company Odyssey Marine Exploration is advancing its plan to develop a phosphate fertilizer supply in North America, announcing it has begun transferring mining concession rights to its PHOSAGMEX joint venture with Capital Latinoamericano (CAPLAT). The move comes as the company reported that proposals to change its share structure failed to pass at its recent annual stockholders' meeting.

The joint venture aims to establish a domestic fertilizer supply chain to enhance North American food security. Odyssey Marine acknowledged CAPLAT’s leadership, headed by Juan Cortina, former President of Mexico’s National Agricultural Council (CNA).

Odyssey Marine announced it is transferring its concession rights to PHOSAGMEX. “This progress comes at a time of heightened global focus on strategic minerals, including phosphate for fertilizers. Transferring project rights at this stage is a critical step in ensuring the success of the PHOSAGMEX initiative,” said Mark Gordon, Chair and CEO, Odyssey Maritime Exploration.