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HyChem closes Renoeste's acquisition agreement with Bondalti group

The Algora group took a decisive step in executing its strategy of industrial development and transformation by fulfilling the announced intention to enhance HyChem's Salt business through the acquisition of the contractual position in the salt mine concession of Carriço.

In fact, following a decision from the Director-General of Energy and Geology last December, authorizing the transfer of shares representing the company's share capital, HyChem has now been able to close the agreement with Bondalti Chemicals regarding the purchase of Renoeste - Natural Resources Valorization.

"This acquisition is of major importance for the development of our industrial operations, as the Carriço mine adds significant potential to our Salt business," commented Manuel Gil Antunes, CEO of HyChem.

"As part of our application to the P2030 incentive program for our InovSal project, we expect to resume the operation of rock salt at the Matacães mine this year, where we intend to install a salt crystallization unit. Furthermore,in the long run, when we add the reactivation of activity at Renoeste, linked to the task assigned by the Portuguese Government to ENSE (through REN) to create two new cavities in Carriço for strategic natural gas storage, we will achieve a total salt production volume that will position HyChem as the main national supplier and relevant at the Iberian scale," says Gil Antunes.

"The country needs this natural resource indeed, as, like our company, numerous large industries have to import salt for their manufacturing operations," he concludes.

The properties and assets of Renoeste - Natural Resources Valorization are located in four different locations situated along the west coast of the country.

The main facility is in Carriço. Here, you can find the rock salt mine concession (C-16) and the equipment dedicated to the extraction and crystallization of salt. This concession covers an area of 170 hectares, where Bondalti drilled two cavities. It also includes six impermeable basins, each about one hectare in size, intended for the drying of brine through evaporation.

Comparing with Renoeste, REN also holds a concession for the storage of natural gas and renewable gases in salt cavities. These cavities constitute a part of the national strategic reserve, with another part located at the Sines terminal and a third part in Germany.

Further north, in Lavos, Renoeste owns several rustic properties along the Mondego River, occupying an area of 60 hectares. These properties previously operated as salt pans for drying the brine from the Carriço unit.

By carrying out this purchase operation, the Algora group envisions the reactivation and a new industrial strategy for Renoeste, whose properties and assets present business opportunities in both the chemical and biotechnology sectors.