Support The Moscow Times!

Uralkali Takes $236M Loan to Finance Mine

Uralkali has signed a loan agreement worth 171 million euros ($236 million) to finance construction at its Ust-Yayvinsky mine, the world's largest potash miner by output said Wednesday.

UniCredit and DZ Bank made the 14-year loan at a rate based on three-month Libor, it said.

"This deal further diversifies Uralkali's loan portfolio and prolongs its average maturity," the firm's acting chief executive Viktor Belyakov said.

Uralkali, whose net debt was $2.7 billion at the end of June, said in September it would apply for a $400 million credit line and a five-year loan of up to $994 million to refinance its loans.

The company plans to ramp up production to 15 million tons a year from 13 million by 2020 as part of a strategy to offset lower global potash prices.

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.

As we approach the holiday season, 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.