Yara Sells Salitre Phosphate Mining Project in Brazil for $410 Million
02 Agosto 2021 - 1:50AM
Noticias Dow Jones
By Dominic Chopping
Norwegian fertilizer producer Yara ASA said late Sunday that it
has agreed to sell its Salitre phosphate mining project in Brazil
to EuroChem Mineral & Chemical Co. for $410 million in
cash.
The company said that progress at the project has been impacted
by Covid 19 and the estimated capital expenditure required to reach
completion is of a similar magnitude to the divestment value.
"Yara's ongoing transformation has a strategic focus on food
solutions, premium products and enabling the hydrogen economy," it
said.
"The Salitre divestment therefore supports Yara's transformation
by reallocating capital and risk appetite in the coming years
towards Yara's strategic focus areas."
Yara expects to recognize an impairment charge of around $400
million in the third quarter from the sale.
The deal is expected to be completed in approximately six
months, and is conditional on obtaining necessary local regulatory
approvals and customary closing conditions.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
August 02, 2021 02:39 ET (06:39 GMT)
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