Yara to sign Ethiopian mining agreement
(Thomson Reuters ONE) -
Oslo, 7 November 2017: Yara will sign a mining agreement with the Ethiopian
authorities, making possible the future development of the Yara Dallol potash
mine.
The mining agreement will be signed today at a ceremony in Addis Abeba by
Ethiopian Minister of the Ministry of Mines, Petroleum and Natural Gas, H.E. Ato
Motuma Mekasa, and Yara International President and CEO, Mr. Svein Tore
Holsether.
"We are glad to achieve this key milestone in the Dallol mining project. A mine
in the Afar region would contribute significantly to economic development
locally and nationally. We recognize and appreciate the efforts made by the
Ethiopian government in supporting the project, both by providing necessary
infrastructure and through making the mining agreement possible," said Svein
Tore Holsether.
Yara Dallol is a mining project located in the Afar region in the northern part
of Ethiopia. During the feasibility studies carried out over the recent years,
significant reserves of natural resources used for the production of Sulphur of
Potash (SOP) have been identified in the allocated exploration area. SOP is a
premium fertilizer product especially beneficial for fruit, vegetable and coffee
crops.
The planned Yara Dallol mine will have a production capacity of approximately
600,000 tonnes of SOP per year, equivalent to approximately ten per cent of the
global market. The products will be mined using solution mining, meaning there
will be no open pit at the site.
Yara Dallol is a 51.8 per cent Yara International owned company. The other
owners are Liberty Metals and Mining Holdings (25 per cent) and XLR Capital
(23.2 per cent). A final investment decision is expected towards the end of
2018. The total capital expenditure frame for the project has yet to be
finalized, but significant efforts have been made to optimize expenditure, and
the amount has been reduced from the previously estimated USD 740 million.
For further information, please contact:
Thor Giæver, SVP Investor Relations
Office: (+47) 24 15 72 95
Mobile: (+47) 48 07 53 56
E-mail: thor.giaver(at)yara.com
Esben Tuman, Vice President Corporate Communications
Phone: (+47) 90 50 84 00
E-mail: esben.tuman(at)yara.com
Kristin Nordal, Head of External Communications
Phone: (+47) 90 01 55 50
E-mail: kristin.nordal(at)yara.com
About Yara
Yara's knowledge, products and solutions grow farmers', distributors' and
industrial customers' businesses profitably and responsibly, while 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 close to 15,000 employees and sales to about 160 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 Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Yara International ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2017 - 08:30 Uhr
Sprache: Deutsch
News-ID 566899
Anzahl Zeichen: 4112
contact information:
Town:
Oslo
Kategorie:
Business News
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"Yara to sign Ethiopian mining agreement"
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Yara International ASA (Nachricht senden)
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