24th Nov 2011 13:58
For Immediate Release 24 November 2011
Please be advised that the following announcement replaces the announcement made earlier today at 13:00. Please find below the full and correct text.
PhosAgro Comment on DAP Prices for IPL/IFFCO
Moscow - PhosAgro ("the Company"), a leading global vertically integrated phosphate-based fertilizer producer, announces that in consideration of the recent substantial rupee devaluation that has caused a dramatic increase in fertilizer prices for India's domestic market, the Company has agreed to provide IPL/IFFCO a discount on current contract phosphate fertilizer prices. As part of this agreement, IPL/IFFCO has committed to purchase additional volumes of phosphate fertilizers from PhosAgro and has granted the Company a seller's option on these volumes. Should PhosAgro choose to exercise its seller's (Put) option, it will have no further volumes of phosphate fertilizers to sell to the market until April 2012.
PhosAgro CEO Maxim Volkov said: "Given our long-term relationship with IPL/ IFFCO, I believe we have found an acceptable solution for all parties."
For further information please contact:
OJSC "PhosAgro"
+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press OfficerM:CommunicationsUKStuart Leasor+ 44 20 7920 2317RussiaSam VanDerlip+7 495 663 8005Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock, as well as ammonia and nitrogen-based fertilisers. In 2010, the Group was the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China) according to Fertecon. PhosAgro controls approximately 2.1 billion tonnes of high quality apatite-nepheline ore resources, which translates to over 75 years of production. The Group's strategic aim is to reinforce its position as a leading integrated global producer of fertilisers and to enhance overall value for its shareholders through increasing fertiliser and feed phosphate production capacities, utilising the full potential of its apatite-nepheline ore reserves base and continuing to improve operational flexibility and efficiency. PhosAgro is listed on the MICEX stock exchange (MICEX: PHOR) with its global depositary receipts listed on the London Stock Exchange (PHOR LI). The Group had revenues of approximately $2.5 billion in 2010 with EBIDTA of approximately $674 million. PhosAgro employs approximately 25,000 people.
For further information on PhosAgro please visit: www.PhosAgro.com
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