Explore More Than Just This Free Article

This article is a glimpse of the exclusive insights we provide daily to industry leaders. Dive deeper into our industry-specific reports and uncover the strategic information you need.

PhosAgro’s Board of Directors Approves 2024 Budget

MOSCOW , December 21, 2023 (press release) –

The Board of Directors of PJSC PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has approved the Company’s budget for next year.

PhosAgro CEO Mikhail Rybnikov said: “This budget confirms the Company’s commitment to a long-term development programme aimed at maintaining high growth rates by modernising and expanding production capacities and deepening vertical integration. We plan to make a record amount of capital investment – RUB 73 billion (with capital repairs) – next year as part of our Development Strategy to 2025. 

“In particular, we are going to continue developing our ore and raw material base, which includes plans to start underground mining operations late next year in the Gakman section of the Kirovsky mine’s Yuksporr deposit. We also plan to complete the implementation of projects in Cherepovets and Volkhov in 2024 to increase the processing of phosphate rock by 218 thousand and 153 thousand tonnes, respectively.

“The third stage in the development of the production complex in Balakovo is fully under way with the establishment of a flexible arrangement for the production of MAP/DAP/NPS/NPK fertilizers and an increase in gross production volumes. Financing for this stage was nearly doubled to RUB 27 billion. We expect the project to reach target capacity in the first quarter of 2024, increasing the production of feed phosphates by 14% to 443 thousand tonnes per year. We also expect our upgraded SK-20 industrial process system to reach design capacity in the first quarter, expanding the site’s sulphuric acid output by 13% to 3 million tonnes per year.

“I would like to thank our entire workforce for their concerted efforts throughout the year, which, we can already say with confidence, will result in another production record despite the challenges caused by external volatility.”
The meeting also heard reports on occupational health and industrial safety at PhosAgro Group companies. It was noted that there were zero fatal workplace accidents at the Company in 2023. 

The Board of Directors also approved a new Tax Strategy, a new Charity and Sponsorship Policy, a work plan and budget for the Company’s Internal Audit Department for 2024, as well as a new UK Modern Slavery Act Transparency Statement. 

 

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo with Chelsey
Chelsey Quick
Chelsey Quick
- VP Client Success -

We offer built-to-order consumer packaged goods (cpg) coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy. We won't track your information when you visit our site. But in order to comply with your preferences, we'll have to use just one tiny cookie so that you're not asked to make this choice again.