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Israel Chemicals terminates Ethiopian potash project

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Israel Chemicals terminates Ethiopian potash project

Israel Chemicals Ltd. has decided to terminate its investment in the Danakhil potash project in Ethiopia, it said Oct. 6.

The company said it made the decision following the Ethiopian government's failure to provide the necessary infrastructure and regulatory framework for the project.

The Ethiopian tax authority had previously rejected Israel Chemicals' unit Allana Afar's appeal regarding the "unjustified and illegal tax assessment, which Allana Afar has declined to pay," according to the statement.

The net book value of the investment in the project as of June 30, 2016, was about US$170 million, which will be recorded as impairment in the company's financial reports and as a provision for expected closing costs, Israel Chemicals added.