Oslo (2011-05-31): The construction of a 330,000 ton p.a. technical ammonium
nitrate (TAN) plant at Burrup, Australia is delayed due to the present
uncertainty around the decision-making ability of the Board of Burrup Holdings
Ltd.
In 2008, Burrup Holdings Ltd and Pankaj Oswal assumed obligations which ensured
the TAN project would be developed with Yara, and which established the key
terms upon which the project will proceed. Since that time, Yara has been
working hard to develop the TAN project, which would represent significant
development and value creation for downstream processing in Western Australia.
Yara recently invited all stakeholders, including Mr. Oswal, to consider this
attractive investment opportunity, but Mr. Oswal did not support the project.
Given the present uncertainty around the decision-making ability of the Burrup
Board, approval of the TAN project has been delayed.
Yara is disappointed that the Board of Burrup Holdings has been unable to make a
positive resolution.
Contact
Thor Giæver, Investor Relations
Cellular (+47) 48 07 53 56
E-mailthor.giaver@yara.com
Asle Skredderberget, Media Relations
Cellular (+47) 41 44 36 10
E-mailasle.skredderberget@yara.com
Yara International ASA is the world's leading chemical company that converts
energy, natural minerals and nitrogen from the air into essential products for
farmers and industrial customers. As the number one global supplier of mineral
fertilizers, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 7,300 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
industry.
www.yara.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Yara International ASA via Thomson Reuters ONE
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