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Acron accelerating construction of Talitsky potash mine

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World Fertilizer,

Acron Group is accelerating construction of the Talitsky potash mine in Perm Krai and increasing the project’s planned capital investments for 2021 and 2022 from US$60 million to US$222 million.

Shafts are currently being reinforced and finished, construction of a motorway is near completion, and construction has started on the Ural 220/10/6 kV main step-down substation.

The Group is also holding tenders to select the main equipment suppliers and contractors to construct the mine’s facilities, surface complex, and external infrastructure facilities.

The project has Russian government support because its implementation will improve the regional economy. This support includes an Investment Protection and Promotion Agreement, a Special Investment Contract, and a Corporate Competitiveness Programme, all of which the Group has already signed.

Alexander Popov, Chairman of Acron’s Board of Directors, commented: "In the current circumstances, we believe it is possible to accelerate construction to obtain the first batch of the product in 2025.

"Prior to the acute phase of the COVID-19 pandemic, we managed to dramatically improve the Project’s risk profile by finalising the sinking of the shafts. Now, we can conduct construction operations both underground and on the surface at the same time.

"The Project’s budget has been clarified. Remaining investments are estimated at US$1.3 billion. Of this amount, approximately US$700 million will be spent before the first batch of potash is produced.

"All of the project’s engineering and design solutions provide for further expansion of the mine’s capacity from 2.0 mtpa to 2.6 mtpa of potash."

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