Itafos provided an update on the engineering and construction of Itafos Farim and announced the termination of the engineering, procurement and construction management (“EPCM”) agreement with Lycopodium Minerals Canada Limited (Toronto, Canada) (“Lycopodium”). In July 2019, the Company announced an EPCM agreement with Lycopodium for services related to the development of Itafos Farim’s mine, which is expected to produce 1.3Mt per year of phosphate rock, and services related to the on land portion of Itafos Farim’s port, which is expected to load Itafos Farim’s mine production for global export. The EPCM agreement with Lycopodium contemplated two phases; phase one considered preparation of a definitive cost estimate and schedule and phase two considered additional detailed engineering, equipment procurement and construction. Given the revised project financing timeline of expected lender approval during the first half of 2020, Itafos Farim suspended the EPCM agreement following completion of phase one and did not provide notice to proceed for phase two. As a result, the EPCM agreement was terminated on January 17, 2020.