Odyssey Marine Exploration, Inc. said that Exploraciones Oceanicas (ExO), the Mexican company that controls the “Don Diego” offshore phosphate resource, has submitted the necessary documentation to continue the environmental evaluation process for the proposed dredging of phosphate sands as planned.
Odyssey controls ExO through the company’s 54% ownership in Oceanica Resources.
In addition, ExO, in coordination with the technical and environmental team at MINOSA, Odyssey’s strategic investor, will brief newly elected government officials and community leaders in the region so they thoroughly understand the details of the project and the positive effects it will have on the Mexican agricultural industry, their state and local communities.
Odyssey has received the final $1.75 million loan disbursement from MINOSA, bringing the total amount advanced to $14.75 million.