Yara announced that its divestiture of the Salitre phosphate mining project in Brazil to EuroChem has been successfully completed and it has received total proceeds of US$452 million.
Serra do Salitre is an integrated, advanced-stage upstream phosphate project in Minas Gerais, southeast Brazil. It includes an open pit phosphate mine with over 350 million tonnes of reserves and a 1 million tpy manufacturing plant for MAP/NP and SSP/TSP products which is expected to come on stream in 2023.
Yara concluded the Salitre project in 2014, and its assets include phosphate mining operations, including a tailings dam, with an annual production capacity of approximately 1,200 kt of phosphate rock and a project under construction of phosphate processing operations with projected production capacity. approximately 1000 kt per year at completion. The estimated CAPEX necessary to achieve completion is of a similar magnitude to the disposal value.
Project progress has been impacted by COVID-19 and significant construction time and CAPEX have yet to be completed, according to Yara.
Read the article online at: https://www.worldfertilizer.com/project-news/23022022/yara-completes-divestment-of-salitre-phosphate-mining-project-to-eurochem/