Israel Chemicals CEO Stefan Borgas wants to mine phosphates at Sde Barir despite health ministry objections.
"We're fighting for the company's survival. If the government allows phosphates mining at Sde Barir, we'll invest NIS 500-600 million," said Israel Chemicals Ltd. (TASE: ICL) CEO Stefan Borgas at the "Calcalist" Negev Conference in Beersheva today.
Borgas was greeted by hundreds of boisterous Israel Chemicals employees in Beersheva, who are protesting the company's streamlining plans.
Approval of phosphates mining at Sde Barir near Arad has been delayed, partly because of Ministry of Health objections. Israel Chemicals estimates that its Rotem Amfert Negev unit will use up its phosphates reserves at Mishor Rotem within a few years and that it must prepare alternative sources. Borgas said that if the company's streamlining plan, which includes hundreds of layoffs, is not implemented, Rotem Amfert might be closed.
Published by Globes [online], Israel business news - www.globes-online.com - on April 1, 2014
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