Israel’s Finance Ministry Accountant General Michal Abadi Boiangiu has recommended an open tender for mining rights at the Dead Sea when the license of Israel Chemicals Ltd. expires in 2030. She presented her recommendations Jan. 17 to the senior officials at the ministry regarding the issue of mining rights at the Dead Sea.
The recommendations run counter to the attempts by the ministry in the past few years to reach an agreement with ICL over extension of the rights beyond 2030 in exchange for the acceptance of certain changes and concessions in a new agreement with the Israeli government. The recommendations made public today sent shares of ICL down sharply on the Tel Aviv Stock Exchange.
Abadi Boiangiu completed her report just weeks before she steps down from her position and is due to be replaced by Roni Hezkiyahu. The report contains an assessment of the value of the assets held by ICL that the Israeli government would presumably have to pay for in the event of an open tender. ICL has held up further investment at the Dead Sea pending an outcome of the issue of extending the license for mining potash and other raw materials.