Yara increases ownership in Ethiopian potash project
(Thomson Reuters ONE) -
Oslo (2012-04-27): Yara International ASA has agreed to increase its ownership
in Ethiopotash BV from 16.67% to 51%.
In 2009 Yara entered into an agreement with two partners to participate with
16.67% ownership in Ethiopotash. The partners were XLR with 57.33% ownership and
management of the company, and Seftec with 26% ownership. Yara has now agreed to
increase its ownership to 51% and take over management of the company, while XLR
will retain a 49% ownership.
Ethiopotash is developing a potash resource in Dallol in the Danakil Depression
of Ethiopia, based on the mining and exploration permits held by the company.
Drilling activity started at site in 2010, and most drilling and drilling
related activities have now been completed. The project development phase will
be finalized with a Definitive Bankable Feasibility study which is expected to
be completed in mid 2013. This study will be the basis for a decision on whether
to proceed with project execution and realization, with production start-up 2-3
years thereafter.
Estimated capacity for the Dallol project is 1-1.5 million tons potash per year,
with resources of more than 30 years mining.
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#1606625]
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Datum: 27.04.2012 - 02:11 Uhr
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