Yara arranges sale of mining project in Brazil for US$ 410 million

Norwegian fertilizer maker Yara International reported on Sunday that it has agreed to sell its Salitre phosphate mining project in Brazil to EuroChem Mineral & Chemical Co. for US$410 million in cash.

The project’s progress was hampered by the Covid-19 pandemic, according to the company. In addition, the capital expenditure required to complete the project is similar to the divestment amount.

“Continuous transformation has a strategic focus on food solutions, premium products, and enabling the hydrogen economy. Salitre’s divestment, therefore, supports Yara’s transformation, reallocating capital and risk appetite in the coming years to strategic focus areas”, informed the company.

The Norwegian company expects to recognize a depreciation charge of about $400 million in the third quarter of the sale. The deal is expected to close in approximately six months and is subject to obtaining the necessary local regulatory approvals and customary closing conditions.

Source: CNN Brazil

To read the full original article, visit the link:

https://www.cnnbrasil.com.br/business/2021/08/02/yara-acerta-venda-de-projeto-de-mineracao-no-brasil-por-us-410-milhoes

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