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Yara sees growth of premium products in Brazil
Oct. 22, 2019
Yara International ASA
NorwayFollow
NorwayNorwegian fertilizer company Yara International saw growth of its premium products in Brazil in Q3 while several other key premium product markets in Asia and Latin America were somewhat muted.
However, total premium product deliveries in the quarter were in line with last year as Brazil offset lower deliveries in Europe and Asia, sales and marketing executive VP, Terje Knutsen, told a Q3 earnings call.
Yara has been investing constantly in Brazil. According to data from local mining watchdog ANM, the nation is the fourth largest global consumer of fertilizers but is responsible for only 2% of production.
On July 10, the company closed the acquisition of the minority interests in Brazilian miner and fertilizer company Galvani Indústria, Comércio e Serviços from the Galvani family. With the move, Yara assumed full ownership of certain assets and liabilities of Galvani.
Yara currently has two major growth projects under execution in Brazil, namely Salitre, with completion of the first phase due in the first half of 2020, and Rio Grande, with completion expected by the end of 2020.
Brazil imports 91% of the potassium and 51% of the phosphate it needs.
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