Yara proceeds with USD 185 million payment and equity injection for Salitre project
Nov 02, 2015
Oslo, 2 November 2015: Yara International ASA has paid USD 185 million deferred consideration and capital injection for the Salitre phosphate project, based on project progress and in accordance with agreements entered into with the acquisition of 60% of Galvani (Brazil) on 1 December 2014.
Reference is made to earlier Yara announcements on 5 August 2014 and 1 December 2014. The USD 185 million is paid based on project progress including confirmation of phosphate reserves, and consists of USD 96 million deferred consideration, USD 54 million Yara capital injection and USD 36 million capital injection on behalf of the minority owners. USD 70 million of the deferred consideration will be held in an escrow account which together with a pledge in minority shares guarantees the capital and operating expenditure levels for the projects.
Thor Giæver, Investor Relations
Telephone: (+47) 24 15 72 95
Cellular: (+47) 48 07 53 56
Esben Tuman, Media Relations
Telephone: (+47) 24 15 70 26
Mobile: (+47) 90 50 84 00
Yara's knowledge, products and solutions grow farmers', distributors' and industrial customers' businesses profitably and responsibly, while nurturing and 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 more than 12,000 employees and sales to more than 150 countries.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.