Australia’s Burrup Holdings renamed Yara Pilbara Holdings

06 February 2012 08:32  [Source: ICIS news]

SINGAPORE (ICIS)--Australia’s Burrup Holdings Ltd (BHL) was renamed Yara Pilbara Holdings Ltd (YPHL) after Yara International became the company’s majority shareholder, the Norwegian ammonia producer said on Monday.

Yara International said in a statement that it paid $143m (€109m) in cash to pad up its stake in the former BHP by 16% to 51% on 1 February.

“Securing majority ownership in BHL represents an important step in Yara's strategic growth, strengthening its leading position within ammonia production and providing a platform for upgraded nitrogen production,” said Yara International.

YPHL fully owns Yara Pilbara Fertilisers Pty Ltd (YPFPL), which operates an ammonia plant with capacity of about 850,000 tonnes/year in the Burrup peninsula in western Australia.

Yara International’s 51%-owned subsidiary also owns 50% of Burrup Nitrates Pty Ltd (BNPL), a project for the development of a 330,000 tonne/year technical ammonium nitrate (TAN) plant in the peninsula.

“The majority position allows Yara to integrate YPFPL fully into its global production system, and to intensify work on the BNPL project together with Apache,” it said.

Apache Energy has a 49% of YPHL that it bought for $439m, Yara said.

“The proposed TAN plant's close proximity to the Pilbara mining industry together with adjacent ammonia supply gives it a distinct advantage over other ammonium nitrate suppliers,” Yara International said.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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