Yara Announces Sale of Phosphate Mining Project in Minas Gerais for $410 Million

Written by Valdemar Medeiros

Published on 04/08/2021 at 12:46

Projeto Serra do Salitre – Foto: Yara / Divulgação.

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To Focus on Food Solutions and Other Sectors, Yara Announced the Sale of Its Phosphate Mining Project in Minas Gerais to EuroChem for US$ 400 Million. The Project Has an Estimated Capacity to Produce 1.2 Million Tons of Phosphate Rock

Yara signed with EuroChem a stock purchase agreement aimed at selling its Salitre phosphate mining project in Minas Gerais. The agreement reached a value of US$ 410 million and is part of the company’s strategy to concentrate on food solutions, premium products, and also the viability of the hydrogen sector.

Phosphate Mining Project Impacted by the Pandemic

YouTube video — ETM – Galvani (Yara) – Serra do Salitre, MG

According to Yara, Salitre is still an attractive project for investors, but the progress of the phosphate project has been impacted by the worsening of Covid-19, and the construction time and capital expenses, which are still significant, need to be finalized.

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Phosphate Project Has Capacity to Produce 1.2 Million Tons Per Year

Yara started the Salitre project in 2014 in the state of Minas Gerais, and its assets include phosphate mining operations, including tailings dams, which estimate a production capacity of 1.2 million tons of rock per year and a project underway for the construction of phosphate processing operations with an estimated production capacity of 1 million tons per year upon completion. The capital expenditure required to achieve the completion of the phosphate project in Minas Gerais is nearly the same size as the value of the agreement.

The transaction is expected to be completed in about six months and is conditioned on obtaining customary closing conditions and the necessary local regulatory approvals. It is noteworthy that Eurochem is already present in the Brazilian fertilizer market through Fertilizantes Tocantins, where it took control last year.

Get to Know Yara Brasil

With the mission of feeding the world and protecting the planet responsibly, Yara is a truly international company with production, service, and sales operations, research, and support in the Americas, Europe, Africa, and Asia, present in around 60 countries.

The company aims to achieve better performance than expected, take the initiative, and work consistently and aligned with its ambitions. Yara was founded in 1905 and has gone through various historical moments in mining, currently employing over 17,000 individuals who contribute to poverty reduction, feed 262 million people, and also help reduce environmental impact.

Yara Announces Sale of Phosphate Mining Project in Minas Gerais for $410 Million

To Focus on Food Solutions and Other Sectors, Yara Announced the Sale of Its Phosphate Mining Project in Minas Gerais to EuroChem for US$ 400 Million. The Project Has an Estimated Capacity to Produce 1.2 Million Tons of Phosphate Rock

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Yara Announces Sale of Phosphate Mining Project in Minas Gerais for $410 Million

To Focus on Food Solutions and Other Sectors, Yara Announced the Sale of Its Phosphate Mining Project in Minas Gerais to EuroChem for US$ 400 Million. The Project Has an Estimated Capacity to Produce 1.2 Million Tons of Phosphate Rock

Read Also

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Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

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