Oslo — Yara International ASA said April 27 that it has agreed to increase its ownership in Ethiopotash BV from 16.67 percent to 51 percent and take over management of the company. In 2009 Yara entered into an agreement with two partners to participate with 16.67 percent ownership in Ethiopotash. The partners were XLR with 57.33 percent ownership and management of the company, and Seftec with 26 percent ownership. Yara has now agreed to increase its ownership to 51 percent and take over management of the company, while XLR will retain a 49 percent ownership. Ethiopotash is developing a potash resource in Dallol in the Danakil Depression of Ethiopia, based on the mining and exploration permits held by the company. Drilling activity started at site in 2010, and most drilling and drilling related activities have now been completed. The project development phase will be finalized with a definitive bankable feasibility study, which is expected to be completed in mid-2013. This study will be the basis for a decision on whether to proceed with project execution and realization, with production start-up 2-3 years thereafter. Estimated capacity for the Dallol project is 1-1.5 million mt/y, with resources of more than 30 years of mining.
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