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02-01-2010: Yara has agreed with Vale to sell its shares in Fosfertil in Brazil for USD 785 million. Yara will also sell its stake in the Anitapolis phosphate rock project to Vale at the same time.
Yara owns directly and indirectly 15.5 percent of Fosfertil following the acquisition of Fertibras in 2006. According to the company, Fosfertil is the biggest producer of phosphate and nitrogen fertilizers in Brazil. The company owns three phosphate mines, two ammonia plants and finished fertilizer plants with an upgrading capacity of 3.4 million tons phosphate rock and 0.6 million tons ammonia per year.
The Anitapolis project where Yara owns 50%, is a project for developing a phosphate mine in Brazil and was acquired when Yara bought Adubos Trevo in 2000. The project is still at an early stage, but significant development work has been done.
The sale is conditional upon Bunge selling their shares in Fosfertil to Vale, being subject to some precedent conditions.
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