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Sirius Minerals Signs Deal With IFFCO For POLY4 Supply In India

Sirius Minerals Plc (SXX.L) said it has signed a take-or-pay supply deal with Indian Farmers Fertilisers Cooperative Limited or "IFFCO" for the supply of POLY4 in India.

Volumes will ramp up to one million tonnes per annum or "Mtpa" in year eight, with an option subject to mutual agreement of the parties to increase this to 1.25 Mtpa.

IFFCO has a break clause after year eight and there is a 10-year extension option subject to mutual agreement by the two parties.

IFFCO is a co-operative society with over 36,000 member cooperatives and access to over 55 million Indian farmers. Its primary business is the manufacturing and marketing of fertilizers.

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