YEMEN Press Agency

China buys majority stake in Arab mining company

SANAA, July 23 (YPA) – China’s SDIC said in a statement on Monday that it would buy the Canadian Nutrien Company’s stake in Arab Potash Company, which amounts 28 per cent, for $ 502 million.

SDIC Mining Investment Co., a subsidiary of the Chinese state-owned SDIC, would become the largest shareholder of Arab Potash after the deal, said the statement.

China is the largest consumer of Potash fertilizers and also the largest market for Arab Potash, Reuters reported.

The agreement signed between SIDC and Nutrien will reduce China’s dependence on Potash imports and guarantee its food security, the statement added.

SDIC is one of the fastest-growing government enterprises in China. It has investments in the electricity, metallurgy and financial markets sectors, and has been expanding in the agricultural sector in recent years.