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Israel Chemicals values Dead Sea units' fixed assets at US$6B

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Israel Chemicals values Dead Sea units' fixed assets at US$6B

Israel Chemicals Ltd. said Dec. 27 that its Dead Sea Works Ltd., Dead Sea Bromine Co. Ltd. and Dead Sea Magnesium Ltd. units in Israel have a fixed asset value of about US$6 billion, based on an independent valuation.

The independent appraisal of the assets was given for the end of 2015 and 2016. The majority of these assets are within the Dead Sea concession area, as of the date of the valuation.

The valuation includes equipment and facilities used by the subsidiaries but does not constitute a valuation of the businesses themselves.

The report will serve as a basis for the reports filed pursuant to the provisions of the Taxation of Natural Resources Law that became effective Jan. 1, 2016, with respect to minerals other than potash, and on Jan. 1, 2017, with respect to potash.

The company's Dead Sea Works unit recently agreed to pay US$27 million in royalties, including interest and linkage, from 2000 to 2017 to settle a dispute with the Israeli government over royalties.