The funds will be used for general operating expenses during the ramp-up of the Lake Way sulfate of potash project in Western Australia.
The latest fertilizer news
The research, published in the journal Science, unlocks the potential to produce ammonia and fertilizers from renewable energy in reactors, as small as a refrigerator, that could be rolled out at the individual farm or community level.
The investment decision resulted from a feasibility study revealing significant potential for transshipment of fertilizers from landlocked Central Asian countries to western markets via Azerbaijan.
The company expects to increase potash production by approximately 500 000 t in the second half of this year.
At last week's St Petersburg International Economic Forum VTB Bank and Acron Group signed a five-year loan agreement for RUB20 billion, which will be used to finance Acron Group’s ongoing operations and capital investments, including ESG expenses.
The timeline for the closure of the K1 and K2 potash mine shafts has been accelerated by nine months due to a recent acceleration of brine inflows.