K+S, Israel Chemicals Restart Talks About Rossleben Potash Mine

K+S AG and Israel Chemicals Ltd. have restarted talks with Germany’s Gesellschaft zur Verwahrung und Verwertung von stillgelegten Bergwerksbetrieben mbH, or GVV, about possibly buying a retired potash mine.

The agency overseeing state-owned mining assets started talks with “both interested parties this month” about the mine in the east German town of Rossleben, aimed at collecting more details about the rival development plans, GVV said in a statement yesterday.

K+S, Europe’s largest potash producer, is competing against Florett SA, a company partially owned by rival Israel Chemicals, for the rights to the mine with an estimated 200 million metric tons of potash salt. Talks had started in March of 2009 and the two groups had handed in bids, while the process was put on hold a year later following a slump in potash prices.

The site, in Rossleben, Thuringia, was shut in 1990 and didn’t attract any takeover bids following Germany’s reunification.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Andrew Noel at anoel@bloomberg.net

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