Cherepovets – PhosAgro ("PhosAgro" or "the Company") (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that it has signed a memorandum with the Belgian company PRAYON S.A (“Prayon”).
The signing took place during Russian Federation Prime Minister Dmitry Medvedev’s visit to PhosAgro subsidiary PhosAgro-Cherepovets. The document was signed by PhosAgro CEO Maxim Volkov and Prayon Development Director Mark Collin.
The agreement outlines the companies’ cooperation in the area of innovative technologies developed by Prayon for extraction of rare earth elements contained in phosphogypsum, adaptation of these technologies to PhosAgro’s production facilities, and their subsequent introduction into the manufacturing process. All phases of the project are due to be completed by Prayon during 2013. The project is to be implemented at one of PhosAgro’s existing production facilities.
This agreement expands the successful long-standing partnership between Prayon and PhosAgro in the area of leading innovative technologies.