PhosAgro Board of Directors Applauds Progress on Company’s Key Investment Projects under Development Strategy to 2025

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MOSCOW , November 9, 2023 (press release) –

At its meeting today, the Board of Directors of PhosAgro, one of the world’s leading vertically integrated phosphate-based fertilizer producers, applauded progress on implementation of the Company’s key investment projects.  
As Mikhail Rybnikov, PhosAgro’s CEO, emphasised in his report, the construction of new and modernisation of existing capacities at PhosAgro’s production sites is in line with the Company’s Development Strategy to 2025:
“A continuous effort is under way at all of PhosAgro’s production complexes as part of development-related investment projects. In November, for example, industrial testing of the crushing and conveying system began at the Yuksporr deposit, at the Kirovsky mine’s +10 m level.

“In Balakovo, the main construction and installation works to increase the production of feed phosphates will be completed by the end of the year, and the facility is expected to reach design capacity in 1Q 2024. The upgraded SK-20 industrial process system will also be launched by the end of the year, which will increase sulphuric acid production at the site by 13% to 3 million tonnes per year.

“In Cherepovets, in addition to carrying out comprehensive programmes to modernise ammonia, phosphoric acid and sulphuric acid production capacities, we have begun a project to increase the processing of phosphate rock and to build a phosphogypsum conveyor. 

“PhosAgro’s Volkhov Chemical Complex will reach its design capacity in 2023. Thanks to the radical overhaul and new construction carried out at the site, annual production of mineral fertilizers and other products will exceed 1 million tonnes. In the first half of the year, the new million-tonne plant mastered the production of water-soluble MAP and launched a project to increase the processing of phosphate rock. 

“The construction of this state-of-the-art complex for the production of phosphate-based fertilizers in Volkhov has been the main driver behind the increased output of agrochemical products in the Group as a whole. In 9M 2023, production of mineral fertilizers and other products increased by 3.7% year-on-year to over 8.5 million tonnes. Our 19.4% year-on-year increase in MAP production is also worth noting.

“Thanks to the production growth rate that we have enjoyed in the first three quarters of the year, we can expect to achieve a new annual production record this year.”

At the meeting it was noted that PhosAgro’s business, investment and social responsibility achievements had been recognised by the business and investment community both in Russia and internationally. In the last month alone, the Company has been ranked among Russia’s top 10 companies in terms of net profit by Forbes, among top 10 Russian companies in the Fortune ranking of Europe’s 500 largest companies by revenue, and received top marks in the Forbes and RBC ratings of Russia’s best employers. The Company is also among the leaders of the RAEX ESG ranking of Russian companies.

The Board of Directors took note of the Company’s 9M 2023 financial results, including its interim consolidated IFRS financial statements, and recommended that an extraordinary general meeting of shareholders approve dividend payments at the rate of RUB 291 per ordinary share. The Board recommended that 25 December 2023 be set as the dividend record date. The extraordinary general meeting of shareholders that will consider this issue will be held on 14 December 2023 by absentee voting. 
Reports were also heard on occupational health and industrial safety at PhosAgro Group companies, on the monitoring of key risk management in 3Q 2023 and on cybersecurity efforts at PhosAgro Group production sites. 

In addition, the Board reviewed reports from the chairs of Board committees on the work of their respective committees in 3Q 2023 and on arrangements for the Board’s self-assessment of its work in 2023. 

The Board decided to relieve Denis Novikov of his duties as the Company’s Internal Audit Director due to his transfer to the post of Deputy CEO for Information Technology at JSC Apatit (part of PhosAgro Group), and appointed Pavel Nagornov as Internal Audit Director.


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