The FARM TO MARKET ALLIANCE will continue to be supported by the Norwegian Government, to help to ensure that agricultural markets work better for hundreds of thousands of smallholder farmers in Kenya, Rwanda, Tanzania and Zambia. The Farm to Market Alliance is an alliance of six agri-focused organisations, collaborating to develop a sustainable and profitable agricultural sector in Africa. It does so by addressing the major challenges smallholder farmers face, supporting their transition to commercial agriculture. The Alliance’s global members are the Alliance for a Green Revolution in Africa (AGRA), Bayer, Rabobank Group, Syngenta, Yara and the World Food Programme (WFP). The Farm to Market Alliance works to build resilient value chains by bringing together the public and private sectors to leverage the knowledge, experience and infrastructure of agriculture experts. The Norwegian government have committed NOK150 million (US$17 million) over 3 years in support for the Farm to Market Alliance. Africa is recognised as the future breadbasket of the world, but the continent is still a net-importer of food. The Farm to Market Alliance’s mission is to develop a sustainable and profitable agricultural sector in Africa.
NUTRIEN Ltd has announced that, through one of its wholly-owned subsidiaries, it has entered into an agreement with the Government of Egypt to sell 100% of its stake in Misr Fertilizers Production Co. S.A.E. (MOPCO), totaling 59 573 922 ordinary MOPCO shares, and upon closing to settle all arbitration claims it has made against the Government of Egypt and MOPCO’s affiliate, the Egyptian Nitrogen Products Company S.A.E. Total gross proceeds resulting from the sale of shares as well as the settlements amongst the parties total US$540 million, which, subject to customary closing conditions, are expected to be received in full upon close before the end of December 2020. This investment has historically contributed US$15 to US$20 million per year to Nutrien’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA).
YARA INTERNATIONAL ASA has entered into an agreement with Libya’s National Oil Corp. (NOC) and the Libyan Investment Authority (LIA) to divest its full ownership interest in the Libyan Norwegian Fertilizer Co. (LIFECO). Yara’s full legal ownership interest in LIFECO, together with all economic rights and all obligations and liabilities attaching or relating thereto, have been transferred to NOC. Prior to this agreement, Yara owned 50% of LIFECO, while NOC and LIA each held a 25% stake. Yara’s book value of the investment is zero, and Yara expects to book a minor pre-tax gain in its 4Q20 results following the transaction.
EMMERSON plc, the Moroccan focused potash development company, has announced the appointment of CEO Graham Clarke as a director of the company. Clarke has experience in the fertilizer industry, with 26 years of experience in underground potash mining. His experience also includes managing technical disciplines, due diligence processes and stakeholder engagement. “Graham has done a great job during his first five months as CEO and we are delighted he has now joined the Board,” said Mark Connelly, Chairman of Emmerson. “As work continues to progress on schedule at the Khemisset potash project, the company is entering an important time in its development and Grahams industry expertise will be invaluable in supporting our continued progress.”
