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Yara to sign Ethiopian mining agreement

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World Fertilizer,

Yara has announced that it is set to sign a mining agreement with the Ethiopian authorities, making the future development of the Yara Dallol potash mine possible.

Yara claims that the mining agreement will be signed today at a ceremony in Addis Abeba by the Ethiopian Minister of the Ministry of Mines, Petroleum and Natural Gas, H.E. Ato Motuma Mekasa, and Yara International President and CEO, Mr. Svein Tore Holsether.

Svein Tore Holsether said: "We are glad to achieve this key milestone in the Dallol mining project. A mine in the Afar region would contribute significantly to economic development locally and nationally. We recognise and appreciate the efforts made by the Ethiopian government in supporting the project, both by providing necessary infrastructure and through making the mining agreement possible.”

Yara Dallol is a mining project located in the Afar region in the northern part of Ethiopia. During the feasibility studies carried out over the recent years, Yara claims that significant reserves of natural resources used for the production of sulfur of potash (SOP) have been identified in the allocated exploration area.

The planned Yara Dallol mine will have a production capacity of approximately 600 000 tpy of SOP, which is equivalent to approximately 10% of the global market. The products will be mined using solution mining. This means that there will be no open pit at the site.

Yara Dallol is a 51.8% Yara International owned company. The other owners are Liberty Metals and Mining Holdings (25%) and XLR Capital (23.2%). A final investment decision (FID) is reportedly expected towards the end of next year. The total CAPEX frame for the project has not yet been finalised, but efforts have been made to optimise expenditure, and the amount has been reduced from the previously estimated US$740 million.

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