TEL AVIV, Israel, July 26, 2016 /PRNewswire/ --
- Contracts also include options for additional quantities
ICL (NYSE and TASE: ICL), today announced that it has signed several contracts to supply an aggregate 700,000 metric tonnes of potash to its customers in China. The agreements also include options to purchase additional quantities. The contracts are for delivery during 2016. The selling prices stipulated in the contracts are in line with the recent contract prices in China. The contracts are part of three-year framework agreements between ICL and its Chinese customers.
The contracts demonstrate the strong relationships that ICL has developed with its customers in China and highlight ICL's standing as one of the world's main suppliers of potash to China, a rapidly growing potash market.
ICL is also active in the Chinese market through its strategic joint venture with Yunnan Yuntianhua ('YPH JV') formed in 2015, which includes a 2.5 million tonne phosphate mine and a major phosphate manufacturing operation. The JV also includes a research and development facility located in China's Yunnan province which, together with other investments, is supporting the transformation of the operations from commodity into specialty.
Commenting on the news, Mr. Nissim Adar, President of ICL Essential Minerals division, said, "The contracts that we have signed with our Chinese customers reinforce our position in this important market. We are grateful for the trust and confidence that our customers have placed in ICL over the years, and proud to provide them with ICL's range of fertilizers which are helping China to improve its agricultural output and achieve food security."
ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials. ICL is a public company whose shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 13,000 people worldwide, and its sales in 2015 totaled US$5.4 billion. For more information, visit the company's website at http://www.icl-group.com.
INVESTOR RELATIONS CONTACT
Head of Investor Relations, ICL