Yara Stops Development Of Sokli Mining Project
September 14 2015 - 3:10AM
Dow Jones News
By Dominic Chopping
Norwegian fertilizer producer Yara International ASA (YAR.OS)
said Monday it has made a preliminary decision to stop development
of its Sokli mining project in Finland on concerns over
profitability.
The company said it will continue the process of obtaining
environmental and mining permits and will clarify other
prerequisites for project execution before development is stopped
as it might re-evaluate the project in the future.
The book value of Yara's investment in the project is EUR18.5
million.
The Sokli mining project lies in Finnish Lapland, near the
Russian border, and contains phosphorus-rich ore. The company had
originally planned to invest between $600 million and $1 billion to
develop the site, with production starting in 2015 at the
earliest.
Rock phosphate is the raw material used in the manufacture of
phosphate fertilizer.
Shares closed Friday at NOK348.90.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 14, 2015 02:55 ET (06:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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