EuroChem is purchasing a phosphate project in Brazil

Norwegian producer of mineral fertilizers Yara International (hereinafter Yara) has signed an agreement to sell its Salitre phosphate project to EuroChem for $410 million.

“This deal allows us to strengthen our strategy by building on our strong competitive edge,” said Svein Tore Holsether, President and CEO of Yara.

Yara acquired the Salitre project in 2014. It includes an open pit with a capacity of 1.2 million tons of phosphorites per year and an enterprise for their processing with a capacity of a million tons per year. The construction is not completed yet and requires about $410 million.

The deal is expected to be closed in six months but it depends on obtaining the necessary government approvals.