Yara brings new partner into Dallol project
(Thomson Reuters ONE) -
Oslo, 30 November 2015: Liberty Metals & Mining Holdings, LLC, a subsidiary of
Boston-based Liberty Mutual Insurance ("LMM") has acquired 25% of the shares in
Yara Dallol B.V. ("Yara Dallol") for USD 51.25 million. Yara's share of the
proceeds is USD 35.4 million.
Reference is made to the press release on 13 February 2015, confirming the
feasibility of extracting potash in the Danakil depression in North-Eastern
Ethiopia. Following this transaction Yara will hold 51.8% of the shares, LMM
25% and XLR Capital Limited 23.2% in Yara Dallol.
"The Dallol project will support Yara's strategy for further development of
premium fertilizer for high-value crops, and this transaction underlines the
attractiveness of the project. We are pleased to join forces with a dedicated
investor like LMM, and look forward to develop the project further with our
partners," said Svein Tore Holsether, President and CEO of Yara.
The feasibility study confirmed reserves and the technical viability for an
annual production of 600,000 metric tonnes sulphate of potash (SOP) over a 23-
year period. Yara Dallol has additional resources to either expand annual
production or increase the life of the project, as new market segments for SOP
are developed.
Yara Dallol aims to begin mining activities by the end of 2018. The independent
feasibility study estimated the capital expenditure of the project at USD 740
million and cash cost at USD 167 per metric tonne delivered (fob) Djibouti,
among the lowest in the industry.
Closing is expected before the end of 2015, and the final investment decision
for the project is planned for mid-2016.
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
Telephone: (+47) 24 15 70 26
Mobile: (+47) 90 50 84 00
Email: esben.tuman(at)yara.com
About Yara
Yara's knowledge, products and solutions grow farmers', distributors' and
industrial customers' businesses profitably and responsibly, while nurturing and
protecting the earth's resources, food and environment.
Our fertilizers, crop nutrition programs and technologies increase yields,
improve product quality and reduce the environmental impact of agricultural
practices. Our industrial and environmental solutions improve air quality by
reducing emissions from industry and transportation, and serve as key
ingredients in the production of a wide range of goods. We foster a culture that
promotes the safety of our employees, contractors and societies.
Founded in 1905 to solve emerging famine in Europe, today, Yara has a worldwide
presence, with more than 12,000 employees and sales to more than 150 countries.
www.yara.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1969994]
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 436255
Anzahl Zeichen: 3779
contact information:
Town:
Oslo
Kategorie:
Business News
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"Yara brings new partner into Dallol project"
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