EuroChem to invest $40 million in Kazakhstan’s project in 2015

Business Materials 9 June 2015 11:16 (UTC +04:00)

Baku, Azerbaijan, June 9

By Elena Kosolapova - Trend:

Russian EuroChem, which is included in top ten biggest fertilizer companies globally, plans to invest over $40 million in a project in Kazakhstan, RIA Novosti quoted the company's CEO Dmitry Strezhnev as saying.

In the middle of 2014, EuroChem, launched phosphate ore production at the Kok-Jon phosphate rock deposit in Kazakh Zhambyl region, but the construction of the mine had not been completed.

"In the fourth quarter of 2015 EuroChem plans to launch the first phase of the mine," Strezhnev said.

At the first stage the mine will produce at least 600,000-700,000 tons of phosphorus concentrate, Strezhnev said.

He added that the company plans to invest $1-1.2 billion in all its projects in 2015.

Earlier the company said that it planned to reach a steady production level of up to 650,000 metric tons per year in 2016 following the full commissioning of the Phase I program. EuroChem also plans to further ramp up the project to 1.5 million metric tons per year as it aims to construct a fertilizer complex in the region.

The development of the Kok-Jon deposit and the construction of the fertilizer complex are implemented within the agreement between EuroChem and Kazakh Government.

EuroChem is a leading global agrochemical company, producing primarily nitrogen and phosphate fertilizers, as well as certain organic synthesis products and iron ore. The company is vertically integrated with activities spanning from mining and natural gas extraction to production, logistics, and distribution.

Headquartered in Moscow, it operates production facilities in Russia and Western Europe and employs more than 20,000 employees globally.

Edited by S.I.

Follow the author on Twitter: @E_Kosolapova