Russia’s Acron Group has bought a 30% stake in CJSC Verkhnekamsk Potash Co. (VPC), the subsidiary developing the Talitsky potash mining and processing project in Russia’s Perm Region. The purchase increases Acron’s stake in VPC to 80% from a previous 50% plus on shareholding.
The transaction was made during the first quarter of this year from banks partnering in the project, according to an Interfax report, citing the group’s financial statements. No further details were provided.
Acron late last summer extended options to buy back two share tranches in VPC until December 2023 in the case of a 19.5% tranche, and until February 2024 for a 10% tranche (GM Sept. 1, 2023). Russian banks Sberbank Investments, Otkritie Bank, and VTB Group reportedly held the shares in VPC not owned by Acron.
The Russian fertilizer group is targeting the start of potash production in 2026 at Talitsky, according to statements it made last September (GM Sept. 22, 2023). The operation will have an initial production capacity of 2 million mt/y when fully ramped up.