Orica Ltd. (ORI.AU) said Thursday it signed a heads of agreement with Yara International ASA (YARIY) and Apache Corp. (APA) to form a joint venture to build an ammonium-nitrate plant on the Burrup peninsula in Western Australia.

Final agreement is subject to board approvals and the concluding of engineering, procurement and construction contracts, Orica said in a statement to the Australian stock exchange.

The parties are targeting a mid-2012 start to construction work, and Orica would have a 45% interest in the joint venture, the explosives and chemicals maker said. The plant would produce 330,000 tons a year, Orica said.

By Shani Raja, Dow Jones Newswires; 61 2 8272 4683; shani.raja@dowjones.com

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