Yara’s TAN plant project at Burrup, Australia delayed

OSLO, NORWAY: The construction of a 330,000 ton per annum 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 Oswal, to consider this attractive investment opportunity, but 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.

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