NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
26 December 2024
WE Soda Ltd, (“WE Soda”) the world's largest producer of natural soda ash, is pleased to announce the completion of the sale its entire 20.4% indirect interest in Şişecam Wyoming LLC ("Şişecam Wyoming”) and its entire 40% interest in Pacific Soda LLC (“Pacific Soda”) to Şişecam (A.Ş.) (“Şişecam"), effective 26 December 2024. Şişecam will pay a total consideration of approximately US$ 285 million, including a business development fee.
Şişecam Wyoming operates the conventional underground soda ash mine located near Green River, Wyoming which currently produces ~2.3 million metric tonnes per annum. Pacific Soda is a new green field soda ash development project, that will use cavern-based solution extraction and is also located near Green River, Wyoming.
Importantly, the transaction with Şişecam does not include Project West, the new green field soda ash and sodium bicarbonate development project located near Green River, Wyoming which is being developed by WE Soda. This project remains 100% owned and operated by WE Soda and is expected to receive the final permits in early 2025, that will allow the construction of this project to proceed.
Alasdair Warren, Chief Executive Officer of WE Soda, commented:
“I am pleased to announce this transaction with Şişecam, which realises near term value and monetises passive capital from these non-operated assets in the US, whilst at the same time reducing our net debt and providing us with increased optionality to develop our North American business. In the near term, this includes our 100% owned and operated Project West development, which is progressing ahead of schedule and for which we expect to receive the final permits in early 2025, which will allow us to move into the construction phase of the project.”
- Ends -
WE Soda
Edward Westropp, Head of Investor Relations
+44 (0) 208 148 5456
[email protected]
Sodali & Co (Public Relations adviser to WE Soda)
Peter Ogden
+44 (0) 207 250 1446
[email protected]
WE Soda is the world’s largest producer of natural soda ash and one of the world’s largest producers of sodium bicarbonate. Our purpose is “to responsibly produce essential ingredients for a sustainable future” and sustainability is integrated into everything we do. We produce soda ash with the lowest CO2e emissions intensity within our industry and we believe that we have the lowest impact on nature and the environment. For more information, please visit www.wesoda.com.