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Brazil: Yara completes acquisition of majority position in Galvani phosphate mining
The Galvani operations comprise phosphate mining, Single Super Phosphate (SSP) production and distribution of fertilizers in the center and northeast of Brazil. Galvani also owns licenses for two new greenfield phosphate mine projects in Brazil. In 2013, revenues amounted to USD 352 million with an EBITDA of USD 48 million.
"We welcome the approvals from regulatory authorities which now allow us to close the acquisition and start the integration process. This acquisition complements Yara's downstream presence in Brazil obtained with the acquisition of Bunge's fertilizer division, and further strengthens Yara's position in the world's fastest growing agricultural region," said Torgeir Kvidal, President and Chief Executive Officer of Yara International ASA.
The enterprise value is USD 318 million for 60% of Galvani. This comprises USD 132 million for the existing business and USD 186 million for the mining/production projects. Payment for the mining/production projects requires that certain project-related conditions are met. There will also be a post-closing adjustment of the working capital.
Galvani has a total SSP production capacity of approximately 1 million tons per annum through the industrial complex of Paulinia and Luis Eduardo Magalhaes. Both sites source phosphate rock from two own mines, Lagamar and Angico dos Dias, and the leased mine Irece. To cover future demand for phosphate rock, Galvani has two greenfield and one brownfield mining project under development, as follows:
Salitre (greenfield): up to ~1,200,000 tons phosphate rock per annum
Angico (brownfield): additional ~150,000 tons phosphate rock per annum
Santa Quiteria (greenfield): up to ~800,000 tons phosphate rock per annum
The projects under development also include new upgrading capacity for phosphate fertilizer. Start-up for the various projects is expected between 3 and 5 years from closing date.
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