Agreed contract selling price of $280 per ton
TEL AVIV, Israel–(BUSINESS WIRE)–ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced today it has signed a contract with Indian Potash Limited (IPL), India’s largest importer of potash, to supply an aggregate 600,000 metric tons of potash – with mutual options for an additional 50,000 metric tons – to be supplied through December 2021. The agreed selling price in the contract is $280 per ton CIFFO Indian ports, $50 per tonne above the previous contract. The contract is part of the five-year supply agreement signed in 2018 between ICL and IPL.
“The contract 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. This contract further testifies to the leading position ICL has in this market and reflects the growing positive momentum in the fertilizer market globally. Favorable weather conditions, an increase in planted areas, and tight supply are contributing to solid global demand for potash,” said ICL’s EVP Chief Commercial Officer, Eli Amon.
ICL Group Ltd. is a leading global specialty minerals and chemicals company that creates impactful solutions for humanity’s sustainability challenges in global food, agriculture, and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation to drive growth across its end markets. ICL 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 2020 revenues totaled approximately $5.0 billion.
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