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Yara’s ongoing transformation has a strategic focus on food solutions, premium
products and enabling the hydrogen economy. Salitre remains an attractive
project, but as previously communicated the project progress has been impacted
by Covid 19, and significant construction time and capital expenditure remains
to reach completion. The Salitre divestment therefore supports Yara’s
transformation by reallocating capital and risk appetite in the coming years
towards Yara’s strategic focus areas.
“This transaction allows us to further sharpen our strategic focus, based on our
strong competitive edges. Yara Brazil will continue to play an essential role in
this growth agenda, and this transaction enables that growth to be driven with a
sharper downstream focus,” said Svein Tore Holsether, President and Chief
Executive Officer of Yara.
Yara entered into the Salitre project in 2014, and its assets comprise phosphate
mining operations, including tailing dam, with an annual production capacity of
approximately 1,200 kt of phosphate rock and an on-going project to construct
phosphate processing operations with a projected production capacity of
approximately 1,000 kt per annum at completion. The estimated capital
expenditure required to reach completion is of a similar magnitude to the
divestment value.
Following the decision to divest, it is expected that the impacted assets will
be classified as a held-for-sale disposal group in the third quarter 2021 and
that an impairment charge of approximately USD 400 million will be recognized in
the same quarter.
The transaction is expected to be completed in approximately six months, and is
conditional on obtaining necessary local regulatory approvals and customary
closing conditions.
Contact:
Silje Ingeberg Nygaard, Acting Head of Investor Relations
Mobile: (+47) 957 04 843
E-mail: Silje.ingeberg@yara.com (mailto:Silje.ingeberg@yara.com)
Kristin Nordal, Media Relations
Mobile: (+47) 900 15 550
E-mail: kristin.nordal@yara.com
Thor Giæver, CFO
Mobile: (+47) 480 75 356
E-mail: thor.giaver@yara.com
(mailto:thor.giaver@yara.com)
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Silje Ingeberg Nygaard, Acting Head of Investor
Relations at Yara International ASA, on 1 August 2021 at 21:00 CEST.
About Yara
Yara grows knowledge to responsibly feed the world and protect the planet.
Supporting our vision of a world without hunger and a planet respected, we
pursue a strategy of sustainable value growth, promoting climate-friendly crop
nutrition and zero-emission energy solutions. Yara’s ambition is focused on
growing a climate positive food future that creates value for our customers,
shareholders and society at large and delivers a more sustainable food value
chain.
To achieve our ambition, we have taken the lead in developing digital farming
tools for precision farming, and work closely with partners throughout the food
value chain to improve the efficiency and sustainability of food
production. Through our focus on clean ammonia production, we aim to enable the
hydrogen economy, driving a green transition of shipping, fertilizer production
and other energy intensive industries.
Founded in 1905 to solve the emerging famine in Europe, Yara has established a
unique position as the industry’s only global crop nutrition company. We operate
an integrated business model with around 17,000 employees and operations in over
60 countries, with a proven track record of strong returns. In 2020, Yara
reported revenues of USD 11.6 billion.
www.yara.com (http://www.yara.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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