Russia's EuroChem launches $1 bln phosphate fertilizer complex in Brazil

MOSCOW. March 13 (Interfax) - EuroChem has launched a new phosphate fertilizer production complex in Brazil with annual production capacity of 1 million tonnes of advanced phosphate fertilizers, the Russian fertilizer producer said in a press release.

Around $1 billion has been invested in the project, which EuroChem acquired from Norway's Yara at the beginning of 2022 while it was at the construction stage.

The complex, in Serra do Salitre, offers "state-of-the-art integrated phosphate fertilizer production, with low water consumption, a fully closed water circuit and a clean energy generation system that re-uses its own steam and generates up to 40%" of the entire facility's energy needs, EuroChem said.

EuroChem Group completed the acquisition of the phosphate project in Brazil from Yara in February 2022. The project, comprising an open mine and phosphate fertilizer production facility, was 50% complete at the time.

The deal was valued at $452 million, and EuroChem needed to invest a similar amount to fully implement the project.

EuroChem has said the new asset would increase its phosphate production capacity to 6 million tonnes per year, and improve the efficiency of Fertilizantes Tocantins, Brazil's leading mineral fertilizer blending and distribution company, 100% of which EuroChem consolidated in 2020.