Orica Signs Heads Of Agreement With Yara, Apache On Burrup JV
February 29 2012 - 10:06PM
Dow Jones News
Orica Ltd. (ORI.AU) said Thursday it signed a heads of agreement
with Yara International ASA (YARIY) and Apache Corp. (APA) to form
a joint venture to build an ammonium-nitrate plant on the Burrup
peninsula in Western Australia.
Final agreement is subject to board approvals and the concluding
of engineering, procurement and construction contracts, Orica said
in a statement to the Australian stock exchange.
The parties are targeting a mid-2012 start to construction work,
and Orica would have a 45% interest in the joint venture, the
explosives and chemicals maker said. The plant would produce
330,000 tons a year, Orica said.
By Shani Raja, Dow Jones Newswires; 61 2 8272 4683;
shani.raja@dowjones.com
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