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Mineweb reported that Russia’s Uralkali (LSE:URALL) will invest $4.5 billion over the next five years to raise production capacity by thirty percent, to remain the world’s largest potash company.
Mineweb reported that Russia’s Uralkali (LSE:URALL) will invest $4.5 billion over the next five years to raise production capacity by thirty percent, to remain the world’s largest potash company.
As quoted in the market news,
Uralkali’s capacity to produce potash, a crop nutrient, came into focus after it halted production at the Solikamsk-2 mine, damaged by flooding in November.
The new production plan was announced alongside financial results for 2014, which were hit by non-cash write-offs caused by a more than 40-percent slump in the value of the rouble against the U.S. dollar.
Dmitry Osipov, Uralkali’s chief executive, stated:
We are the industry leader and aim to maintain and strengthen our long-term prospects in the global potash market by increasing our annual production.