Sirius signs southeast Asia polyhalite deal

摘要

UK-based Sirius Minerals has signed a "binding take or pay offtake agreement" with Singapore-based agribusiness group Wilmar for its POLY4, the brand name for the company's polyhalite. Under the deal, PT Chemical Indonesia - a wholly owned subsidiary of Wilmar - will have exclusivity to resell POLY4 into Indonesia, Malaysia, Vietnam, Thailand, Philippines and Myanmar (Burma), although Sirius said there is the possibility that the exclusivity agreement could be reviewed if the market grows above a certain volume. It is Sirius' first southeast Asian contract, a key market for the company's growth expectations, not least because of a general magnesium deficiency in the soil.