Reuters reported that EuroChem, one of Russia’s top fertilizer producers, is planning to move forward with plans to develop potash mines in Russia, however, it will also consider shelving other projects if it needs to reduce its debt.
As quoted in the report:
EuroChem, controlled by businessman Andrey Melnichenko, is investing heavily in development projects in a bid to become a global player despite fertiliser markets being weak and fears of a future global glut of the soil nutrient potash.
According to the the company’s CFO, Andrey Ilyin:
We have several hundred projects, which together amount to an investment programme of about $1 billion per year.