Phosphoric Acid, Phosphates & Fertilizers Experts

Outotec makes EUR 110 million provision relating to the ilmenite smelter project

Outotec has made a EUR 110 million provision for possible costs relating to the ilmenite smelter project in Saudi Arabia (Stock Exchange Releases on May 31, 2012; October 26, 2018; and October 30, 2018). The currently estimated provision is based on progress made with the analysis of the furnace. The provision is booked in Outotec’s fourth quarter 2018 result.

The outcome of the analysis, together with other factors such as Outotec’s contractual position, will determine the eventual liability and financial impact of this incident for Outotec.

The project provision was not included in Outotec’s 2018 guidance. Outotec’s financial statements review 2018 will be published on February 8, 2019 approximately at 9:00 AM.

More…