K+S bids for idled German potash mine

30 September 2008 14:36  [Source: ICIS news]

TORONTO (ICIS news)--German fertilizer firm K+S has submitted a proposal to government authorities to restart a potash mine that was idled in 1991 following Germany’s reunification, involving the potential investment of over €600m ($852m), it said on Tuesday.

 

Commercial conditions for restarting the site at Rossleben in Thuringia had significantly improved in the wake of the rising global demand for potash fertilizers, the company said.

 

The proposed investment would create some 700 permanent jobs, it said.

 

Rossleben may have enough reserves to sustain an annual capacity of 1m tonnes for about 30 to 40 years, based on preliminary findings, the company said.

 

K+S submitted its bid to Gesellschaft zur Verwahrung und Verwertung von stillgelegten Bergwerksbetrieben mbH (GVV), a government agency that administers and sells off idled mines in eastern Germany.

 

($1 = €0.69)

 

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By: Stefan Baumgarten
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