ICL Signs a Contract to Supply 410,000 Metric Tonnes of Potash in India During 2020
TEL AVIV, Israel, May 18, 2020 /PRNewswire/ -- ICL GROUP LTD (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced today that it has signed a contract with Indian Potash Limited (IPL), India's largest importer of potash, to supply an aggregate 410,000 metric tons of potash, with mutual options for an additional 30,000 metric tons, to be supplied through December 2020. The selling price stipulated in the contract is $50 per tonne below the previous contract and are in line with the recent contract prices in India. The contract is part of the five-year supply agreements signed in 2018 between ICL and IPL.
Mr. Noam Goldstein, President of the ICL Potash division commented: "The contract that we have signed in India, one of ICL's strategic markets, is part of the five-year supply agreement we signed in 2018 with IPL, India's largest potash importer, and solidifies the leading position ICL has in this market.
"Favorable weather conditions and an increase in planted areas in several Ag-intensive regions, are contributing to a solid global demand for potash, as reflected by this supply contract, as well as by the contracts we recently signed in China."
About ICL
ICL Group LTD is global specialty minerals and specialty chemicals company operating bromine, potash, and phosphate mineral value chains in a unique, integrated business model. ICL Group LTD extracts raw materials from well-positioned mineral assets and utilizes technology and industrial know-how to add value for customers in key agricultural and industrial markets worldwide. ICL Group LTD focuses on strengthening leadership positions in all of its core value chains. It also plans to strengthen and diversify its offerings of innovative agro solutions by leveraging ICL Group LTD's existing capabilities and agronomic know-how, as well as the Israeli technological ecosystem. ICL Group LTD's operations are divided into four business divisions: Industrial Products (bromine value chain and complementary business); Potash; Phosphate Solutions (P2O5 Chain); and Innovative Ag Solutions. ICL Group LTD's shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs over 11,000 people worldwide, and its 2019 revenues totaled approximately $5.3 billion. For more information, visit the Company's website at www.icl-group.com.
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