Acron, one of Europe's top 10 mineral fertilizer makers, has approved $1.5 billion of equity and debt financing for a potash project that could boost its output in four years.
Acron has attracted state bank Vneshekonombank, Eurasian Development Bank and Raiffeisenbank to finance construction of its Talitsky mine in Russia's Urals region, which aims to start potash production in 2016, the company said on Thursday.
In the first stage, the three banks have acquired equity in Acron's firm, which operates the project, for 12.8 billion rubles ($408 million). VEB bought 20 percent minus one share, Eurasian Development Bank received 9.1 percent, and Raiffeisenbank received 8.95 percent. Acron owns the remaining share of the project.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
