– RUSSIA, Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an extraordinary general meeting of shareholders today elected a new Board of Directors:
In connection with the change in the makeup of the PhosAgro Board of Directors, the Company’s free float has increased to 20.3%.
PhosAgro is a leading global vertically integrated phosphate-based fertilizer producer. The Group focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (with P2O5 content of not less than 39 percent), as well as ammonia and nitrogen-based fertilizers.
The Group is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production.
The Group also controls substantial Al2O3 resources and has 41% of Russia’s rare earth oxides resources according to the G.P. Luzin Institute of Economic Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences, 2010).
The Group’s mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertilizer and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro’s 2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln. The company’s net debt/EBITDA ratio was 0.77 at 31 December 2012.
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