Key Takeaways
- Joint Venture – Odyssey Marine Exploration and Capital Latinoamericano (CapLat) are collaborating on a strategic fertilizer project in Mexico.
- Phosphate Resource – The project builds on validated high-quality phosphate reserves within Mexico’s Exclusive Economic Zone (EEZ).
- Sustainability Focus – The initiative aims to promote sustainable agriculture and food security as part of Mexico’s broader self-sufficiency goals.
- Public-Private Partnership – The JV plans to work closely with the Mexican government to foster rural development and economic growth.
- Technology and Experience – Odyssey’s subsea expertise and CapLat’s leadership in Mexico’s agricultural sector will drive the project’s development.
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global leader in ocean exploration, and Capital Latinoamericano, S.A. de C.V. (CapLat) have announced a joint venture (JV) to advance a fertilizer project leveraging phosphate resources within Mexico’s Exclusive Economic Zone (EEZ). The partnership seeks to establish a private-public collaboration with the Mexican government, contributing to sustainable agriculture, food security, and community development.
What Is the Objective of the Odyssey-CapLat Joint Venture?
The JV focuses on developing a high-quality phosphate resource discovered through extensive research and validation efforts. The project aligns with Mexico’s agricultural self-sufficiency initiatives, aiming to enhance domestic fertilizer production and reduce reliance on imports.
Juan Cortina, principal of CapLat, emphasized the potential impact of the project: “A secure, high-quality domestic fertilizer supply can be transformative for North America’s agricultural foundation. This project has the potential to lower costs for farmers and bring meaningful benefits to communities—particularly small-scale farmers—by increasing access to affordable fertilizers and fostering rural development.”
How Will the Project Benefit North American Agriculture?
The partnership aims to address rising fertilizer costs and improve access for farmers across Mexico and North America. By developing local phosphate resources, the JV hopes to stabilize supply chains and contribute to food security efforts.
Mark Gordon, CEO and Chairman of Odyssey Marine, expressed optimism about the collaboration: “We are excited about the opportunities this partnership presents for Odyssey’s future growth. The increasing demand for sustainable fertilizers makes this joint venture both timely and essential. Over recent years, we have collaborated closely with Mr. Cortina to align our vision and expertise, and this partnership reflects our shared commitment to advancing responsible resource development that drives economic growth and agricultural progress.”
What Technologies and Methods Will Be Used in the Project?
The project will utilize advanced subsea exploration technologies and sustainable dredging techniques, drawing from over 200 similar operations conducted in Mexican waters. Odyssey’s expertise in resource exploration will combine with CapLat’s agricultural leadership to ensure the project’s success.
“The partnership combines Odyssey’s subsea resource exploration expertise with Mr. Cortina’s leadership in Mexico’s agricultural sector, where he has championed innovation, food security, and sustainability,” the companies stated. “The project will employ proven techniques that have supported similar projects in the region.”
