Yara continues its transformation with divestment of Salitre phosphate mining project in Brazil
Oslo, 1 August 2021: Yara has signed a Share Purchase Agreement with EuroChem to sell its Salitre phosphate mining project for a cash consideration of USD 410 million.
Yara’s ongoing transformation has a strategic focus on food solutions, premium products and enabling the hydrogen economy. Salitre remains an attractive project, but as previously communicated the project progress has been impacted by Covid 19, and significant construction time and capital expenditure remains to reach completion. The Salitre divestment therefore supports Yara’s transformation by reallocating capital and risk appetite in the coming years towards Yara’s strategic focus areas.
“This transaction allows us to further sharpen our strategic focus, based on our strong competitive edges. Yara Brazil will continue to play an essential role in this growth agenda, and this transaction enables that growth to be driven with a sharper downstream focus,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.
Yara entered into the Salitre project in 2014, and its assets comprise phosphate mining operations, including tailing dam, with an annual production capacity of approximately 1,200 kt of phosphate rock and an on-going project to construct phosphate processing operations with a projected production capacity of approximately 1,000 kt per annum at completion. The estimated capital expenditure required to reach completion is of a similar magnitude to the divestment value.
Following the decision to divest, it is expected that the impacted assets will be classified as a held-for-sale disposal group in the third quarter 2021 and that an impairment charge of approximately USD 400 million will be recognized in the same quarter.
The transaction is expected to be completed in approximately six months, and is conditional on obtaining necessary local regulatory approvals and customary closing conditions.
Silje Ingeberg Nygaard, Acting Head of Investor Relations
Mobile: (+47) 957 04 843
Kristin Nordal, Media Relations
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Thor Giæver, CFO
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This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Silje Ingeberg Nygaard, Acting Head of Investor Relations at Yara International ASA, on 1 August 2021 at 21:00 CEST.
Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger and a planet respected, we pursue a strategy of sustainable value growth, promoting climate-friendly crop nutrition and zero-emission energy solutions. Yara’s ambition is focused on growing a climate positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain.
To achieve our ambition, we have taken the lead in developing digital farming tools for precision farming, and work closely with partners throughout the food value chain to improve the efficiency and sustainability of food production. Through our focus on clean ammonia production, we aim to enable the hydrogen economy, driving a green transition of shipping, fertilizer production and other energy intensive industries.
Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. We operate an integrated business model with around 17,000 employees and operations in over 60 countries, with a proven track record of strong returns. In 2020, Yara reported revenues of USD 11.6 billion.
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