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Israel Chemicals paying US$27M to settle royalty dispute


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Israel Chemicals paying US$27M to settle royalty dispute

Israel Chemicals Ltd. subsidiary Dead Sea Works Ltd. reached an agreement to settle a dispute with the Israeli government over royalties.

Dead Sea Works agreed to pay by Dec. 25 US$27 million in royalties, including interest and linkage, from 2000 to 2017.

In October, arbitrators ordered the company to raise its provisions to US$11 million, before interest and linkage, after the government claimed that the company allegedly underpaid royalties.

Israel Chemicals said Dec. 26 that the parties have submitted a joint notice on the agreement to the arbitrators, which have yet to decide on the matter.