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Sirius Minerals Signs Agreement With Indian Company

Sirius Minerals Signs Agreement With Indian Company

Published by Karen Liu at 7:46am 12th June 2019.

Sirius Minerals, the company behind the Potash Mine near Whitby, has signed a take-or-pay supply agreement with an Indian company.

Indian Farmers Fertilisers Cooperative Limited (IFFCO) is one of the largest co-operative societies in the world with over 36,000 member cooperatives and access to over 55 million Indian farmers. 

Its primary business is the manufacturing and marketing of fertilizers and it is in the top 100 of India's Fortune 500 group of companies.

The agreement between the two companies is for the supply of POLY4 in India. 

Volumes will ramp up to one million tonnes per annum (Mtpa) in year eight of the 11 year term, with an option subject to mutual agreement of the parties to increase this to 1.25 Mtpa.

India is one of the top three fertilizer markets in the world with a total nutrient consumption of around 30 Mtpa. 

The demand for fertilizers in India has been growing steadily due to increasing demand for food as the country's population increases.  

With the need to increase productivity per hectare, multi-nutrient products like POLY4 are well suited to Indian agriculture and soils.

IFFCO has a break clause after year eight and there is a 10-year extension option subject to mutual agreement by the two parties.

Chris Fraser, Managing Director and CEO of Sirius, comments:

"We are delighted to be embarking on a long-term partnership with IFFCO, an organisation with a wide reach and a proud history in India and a substantial profile in the global fertilizer market. 

POLY4 can undoubtedly have a hugely positive impact on Indian agriculture, both in terms of yields and sustainability and we look forward to working with IFFCO to deliver these benefits for Indian farmers for many years to come."

Dr Udai Shanker Awasthi, Managing Director & Chief Executive Officer of IFFCO, comments:

"POLY4 offers a unique opportunity for IFFCO to help deliver our vision of increasing farmer's incomes by increasing crop productivity and the balanced use of energy efficient fertilizers.  The multi-nutrient characteristics of POLY4 are well suited to Indian soils and crops.  Having seen the ongoing crop science work and results, I know that this partnership between Sirius and IFFCO will have an important role to play for farmers in improving yield, quality and profitability of crops.

This Agreement is very much in line with IFFCO's ongoing initiative of achieving balanced nutritional management for soil, because good quality soil will help our farmers to increase their yields.  In turn this can help in our Prime Minister's initiative of seeking to double farmer income by 2022 as well as helping to address the most challenging issues of agricultural sustainability and food security.

POLY4's combination of potassium, sulphur, magnesium and calcium, together with trace micronutrients, low chloride content and suitability for organic use, means that it can help to offer better balanced crop nutrition and sustained soil health to Indian agriculture and farmers."

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