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Yara proceeds with USD 185 million payment and equity injection for Salitre phosphate project
Nov. 3, 2015
Yara International ASA
NorwayFollow
NorwayYara 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.
Source: Yara International
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