9th Nov 2012 12:55
For Immediate Release 9 November 2012
PhosAgro CEO Maxim Volkov Elected Chairman of Apatit Board
Moscow - PhosAgro ("PhosAgro" or "the Company") , a leading global vertically integrated phosphate-based fertilizer producer, announces that its CEO Maxim Volkov was elected as the Chairman of the Apatit Board of Directors.
Mr. Volkov was elected at the Apatit Board of Directors meeting held today, 7 November 2012. Mikhail Rybnikov, CEO of the management company PhosAgro AG, was elected as Deputy Chairman of Apatit's Board of Directors.
The Apatit Board of Directors also decided to convene an extraordinary general meeting of shareholders (EGM) on 12 February 2013. The EGM agenda will include the following items:
1. Early termination of the Board of Directors' duties
2. Election of members of the Board of Directors
3. Early termination of the Audit Commission's duties
4. Election of members of the Audit Commission
5. Approval of a new version of the company's charter
6. Approval of a new version of the company's regulations on the Board of
Directors
7. Approval of a new version of the company's regulations on the Audit
Commission
8. Remuneration and compensation for the members of the Board of Directors
elected by the shareholders' meeting.
The cut-off date for the list of shareholders having the right to participate in the EGM is 19 November 2012.
For further information please contact:
OJSC PhosAgro+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsSam VanDerlipvanderlip@mcomgroup.com+44 (0) 20 7920 2356Notes to EditorsAbout PhosAgro
PhosAgro is one of the leading global vertically integrated phosphate-based fertiliser producers. The Company focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilisers. The Company 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 has 2.1 billion tonnes of resources (according to JORC as of 1 June 2011) of high quality apatite-nepheline ore, representing over 75 years of production (at current production levels). The Company also controls substantial Al2O3 resources, and has more than 41% of Russia's rare earth oxides resources.
The Company'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 reported 2011 IFRS revenue of USD 3.4 bln and 2011 EBITDA of USD 1.2 bln. As of 31 December 2011, the Сompany's net debt / EBITDA ratio was equal to 0.43x.
For further information on PhosAgro please visit: www.PhosAgro.com
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