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Sirius Minerals signs exclusive ten-year supply and distribution agreement with Qatari company
Oct. 15, 2019
Sirius Minerals Plc.
United KingdomFollow
United Kingdom
Muntajat
QatarFollow
QatarSirius Minerals has secured an agreement to supply material from its new mine to a state-owned company in Qatar.
The listed company has entered into an exclusive ten-year supply and distribution agreement with Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) for the sale and distribution of material into Africa (except Nigeria and Egypt), Australia, New Zealand and certain Middle-Eastern and Asian territories.
Muntajat is a state-owned Qatari company, established in 2012, which markets, distributes and sells more than 16 million tonnes per annum (Mtpa) of fertilizer, polymer, chemical and steel products.
The agreement expands Sirius Minerals existing relationship with the state of Qatar, with the Qatar Investment Authority (QIA) already one of the largest investors in the company.
Chris Fraser, managing director and chief executive of Sirius, said: "We are delighted to expand our growing partnership with Qatar through this long-term supply agreement with Muntajat. Qatar is already a major investor in Sirius via QIA and Sirius is working with Muntajat to explore the downstream combination of POLY4 with nitrogen products in Qatar and/or the United Kingdom to create a value-added multi-nutrient fertilizer.
"This new supply agreement with Muntajat provides us with access to a number of new markets for POLY4 and further underpins the large scale, international market appetite for POLY4, lifting our aggregate peak sales volumes to 13.8 Mtpa."
Sirius Minerals is currently developing a new potash mine in Whitby and connected processing plant in Teesside. However, it announced plans in September to cancel a $500m (£403m) bond offering saying they could not be issued in the current market conditions. Construction activity has also been reduced while a strategic review is undertaken.
By Stephen Farrell
Source: Insider Media
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