Acron intends to bring Turkey's Ost Olgun into Olenii Ruchei project
ANKARA. Aug 6 (Interfax) - Russian fertilizer producer Acron intends to bring Turkey's Ost Olgun into its Olenii Ruchei project in Russia, Acron's board chairman, Alexander Popov, told reporters in Ankara.
Popov said Acron intended to increase mineral fertilizer sales to Turkey, and to involve Turkish partners in its upstream projects, notably Olenii Ruchei.
He told Interfax that a protocol signed on Thursday envisions the possibility of the Turkish company acquiring a blocking stake in the project.
Commenting on the amount of financing from Turkey, Popov said, "The more, the better."
Acron won a tender for the license to the field, which contains an estimated 392 million tonnes of apatite-nepheline ore, in October 2006. The company intends to invest $500 million in the project.
Production should start in 2011. The mine should be producing at least 1.9 million tonnes of apatite concentrate and 1.8 million tonnes of nepheline concentrate from 6 million tonnes of ore per year within ten years.