Burrup TAN project delayed
May 31, 2011
Oslo (2011-05-31): The construction of a 330,000 ton p.a. technical ammonium nitrate (TAN) plant at Burrup, Australia is delayed due to the present uncertainty around the decision-making ability of the Board of Burrup Holdings Ltd.
In 2008, Burrup Holdings Ltd and Pankaj Oswal assumed obligations which ensured the TAN project would be developed with Yara, and which established the key terms upon which the project will proceed. Since that time, Yara has been working hard to develop the TAN project, which would represent significant development and value creation for downstream processing in Western Australia.
Yara recently invited all stakeholders, including Mr. Oswal, to consider this attractive investment opportunity, but Mr. Oswal did not support the project. Given the present uncertainty around the decision-making ability of the Burrup Board, approval of the TAN project has been delayed.
Yara is disappointed that the Board of Burrup Holdings has been unable to make a positive resolution.
Thor Giæver, Investor Relations
Cellular (+47) 48 07 53 56
Asle Skredderberget, Media Relations
Cellular (+47) 41 44 36 10
Yara International ASA is the world's leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that prevent air pollution. Yara's global workforce of 7,300 employees represents the great diversity and knowledge that enables Yara to remain a leading performer in the industry.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.