Support The Moscow Times!

Acron Gets $1.5Bln to Grow

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.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.