Israel Chemicals Ltd. (TASE: ICL), which had threatened to close its magnesium plant at the Dead Sea because of the government's plans to increase its take from exploitation of Israel's natural resources in accordance with the recommendations of the Sheshinski 2 Committee, now says that current government plans may enable it to keep the plant open. In a statement issued today, Israel Chemicals said, "ICL's management is currently reviewing the announcement of the continued existence of the magnesium plant in the event the law relating to 'Taxation of Natural Resources' that the government will present to the Knesset. The document gives specific expression to a decision by the cabinet which states that, 'A special mechanism will be established which ensures that the Committee's recommendations will not affect, directly or indirectly, the feasibility of the continued existence of the magnesium plant.' RELATED ARTICLES Israel Chemicals to close magnesium plant Sheshinski 2 backpedals; Israel Chemicals still unhappy Israel Chemicals begins firing 144 at bromine plant "If the implementation details of the recommendations that will follow the general statement are able to counteract the general destruction of the synergy value of the Magnesium Operation, management is committed to recommend to the board of directors of the company to consider favorably a continued operation of the business beyond 2017." The statement adds however, "Concerns remain both in the details of the regulation as well as in the long term reliability and stability of such agreements." Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2014 © Copyright of Globes Publisher Itonut (1983) Ltd. 2014
