Pilbara TAN joint ventures established
(Thomson Reuters ONE) -
Oslo (2012-05-21): Yara has agreed with Orica and Apache to form joint ventures
to build a 330,000 metric tons ammonium nitrate (TAN) plant on the Burrup
peninsula and distribute ammonium nitrate and other explosives products to
mining customers in the Pilbara region.
"This is an important and value creating project for Yara that confirms our
dedication and ambition to be among the leading suppliers of TAN globally.
Together with our partners, we look forward to servicing the fast growing
Pilbara iron ore market," said Jørgen Ole Haslestad, President and Chief
Executive Officer of Yara.
Orica's Managing Director and CEO Ian Smith said "this is an extremely important
project for Orica. Together with our partners, we have a clear vision for
servicing the fast growing Pilbara iron ore market, which is being strongly
embraced by our customers in the region."
The joint venture will be owned 45% by Yara, 45% by Orica and 10% by Apache.
Construction of the plant is expected to have a capital cost of approximately
USD 800 million excluding capitalized interest, and be completed by the end of
2015. Tecnicas Reunidas will be appointed as the Engineering, Procurement and
Construction contractor under a fixed price, turnkey contract. Yara will manage
construction and ongoing operation of the ammonium nitrate plant.
The parties have also agreed to form a distribution and marketing joint venture
to distribute all ammonium nitrate and associated products and services to
mining customers in the Pilbara region. This joint venture will be owned in the
same proportions as the ammonium nitrate plant joint venture, but will be
managed by Orica.
Upon commencement of construction, Orica will pay approximately USD 110 million
for the 45% stake, to be split between Yara and Apache.
Contact
Thor Giæver, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 48 07 53 56
E-mail thor.giaver(at)yara.com
Esben Tuman, Media Relations
Cellular (+47) 90 50 84 00
E-mail esben.tuman(at)yara.com
Yara delivers solutions for sustainable agriculture and the environment. Our
fertilizers and crop nutrition programs help produce the food required for the
growing world population. Our industrial products and solutions reduce
emissions, improve air quality and support safe and efficient operations.
Founded in Norway in 1905, Yara has a worldwide presence with sales to 150
countries. Safety is always our top priority.
www.yara.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Yara International ASA via Thomson Reuters ONE
[HUG#1613423]
Unternehmensinformation / Kurzprofil:
Datum: 21.05.2012 - 07:31 Uhr
Sprache: Deutsch
News-ID 148288
Anzahl Zeichen: 3459
contact information:
Town:
Oslo
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Pilbara TAN joint ventures established"
steht unter der journalistisch-redaktionellen Verantwortung von
Yara International ASA (Nachricht senden)
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