Acron to invest over $300 mln in 2011
MOSCOW. April 27 (Interfax) - Investments by the holding Acron will exceed $300 million this year.
Chairman of the Acron board of directors Alexander Popov said during a conference call that $80 million will go to existing Acron assets, $197 million to the Olenii Ruchei phosphate project, and $36 million to a potash project.
Acron will launch production of carbamide in Novgorod with 330,000-tonne output capacity, with testing and fine-tuning slated to begin this December.
At the end of Q2 or beginning of Q3 next year, Acron plans to launch the first Olenii Ruchei production line, with 1 million tonnes of production capacity. "We plan to reach that output in 2013," Popov said.
The second line at the deposit could be launched in 2016, when the first line of a potash project at the Talitsky section is scheduled to begin production (1 million tonne capacity). "We just recently signed an agreement with Belarusia's Belgorkhimprom, which will prepare the project documentation. After that, when the project documentation is finished, it will be time to speak specifically about the amount of capital investment and the production launch schedule," Popov said.