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
Esben Tuman, Vice President Corporate CommunicationsPhone: (+47) 90 50 84 00
Kristin Nordal, Head of External CommunicationsPhone: (+47) 90 01 55 50
About YaraYara’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.
Read More News Here Source link