Under the terms of the agreement, the company’s existing concession at the mine remains intact for up to four years. Also, it has agreed to pay two and a half months’ salary to nearly 4,000 workers employed at the mine.

The agreement provides the company with an option to sell the project or form a joint venture to continue the operations in the future, reported Reuters.

The agreement follows Vale’s announcement to abandon the mine by March 2013 after it terminated the operations in December 2012. The failure in securing tax break from the government prompted the company to abandon the project.

The company is reportedly seeking buyer for the project to procure the funds it invested on the mine and on railway and port improvements needed to move the potash to market.

Earlier in August 2012, the company terminated operations at Kronau potash project in Canada seeking buyer for the $3bn project.