30th Nov 2012 07:00
For Immediate Release 30 November 2012
PhosAgro Begins Consolidation of Metachem
Moscow - PhosAgro (or "the Company") , a leading global vertically integrated phosphate-based fertilizer producer, announces that it has reached an agreement with the other participants in Metachem to increase PhosAgro's ownership in Metachem to 100%.
PhosAgro's total investment within the agreement will amount to RUB 1.2 billion.
The agreement was finalised on 26 November 2012 at a general meeting of participants in Metachem, where the participants unanimously approved a decision to increase Metachem's authorised capital by way of a new contribution from PhosAgro. This transaction will increase PhosAgro's direct ownership in MetaÑhem's authorised capital to 66.79%, and PhosAgro Group's total ownership from 24% to 74.76%.
As a result of the consolidation of Metachem's production facilities, PhosAgro's potassium sulphate capacity will increase by 80 thousand tonnes p.a. and sodium tripolyphosphate capacity will increase by 130 thousand tonnes p.a. In addition, PhosAgro's sulphuric and phosphoric acid production capacities will increase by 4.5% (215 thousand tonnes p.a.) and 4.1% (80 thousand tonnes of P2O5 p.a.), respectively.
For further information please contact:
OJSC PhosAgro
+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsSam [email protected]+44 (0) 20 7920 2356Notes 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 (with P2O5 content of not less than 39 percent), as well as ammonia and nitrogen-based fertilisers.
The Group is the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources and has 41% of Russia's rare earth oxides resources according to the G.P. Luzin Institute of Economic Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences, 2010).
The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's 2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The С ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com
Related Shares:
Phosagro S