Chairman of the Jordan Phosphate Mines Company (JPMC), Muhammad Thniebat, on Saturday, said the company has arrived at an unacceptable level after posting unprecedented losses of JOD90 million.

While acknowledging that lower prices in international markets were primarily to blame for the losses, Thniebat made it clear that it was not the only reason. He said higher fuel, water and electric power costs amounted to JOD45 million while labor costs and employee benefits ate up a whopping JOD97 million of the firm’s revenues.

Thniebat, a former minister, promised that a comprehensive roadmap will be devised and put in place soon to address the effects of “this crisis” by rationalizing spending, optimizing human and material resources and increasing production to about 11.5 million tons per year.

He pointed out that the company is negotiating with the allied mining companies to reduce production costs and review agreements sealed with them to reach a better position for the JPMC