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PhosAgro Phosphate-based Fertilizer Production Up 3.6% for 9M 2011

3 November 2011

Moscow – PhosAgro (MICEX, RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces its production update for the nine month period ended 30 September 2011.  The Company increased output of phosphate-based fertilizers by 3.6% year-on-year (y-o-y), while production of nitrogen-based fertilizers increased 4.4% y-o-y during 9M 2011.


Production volumes for 9M 2011 are summarized in the tables below.


Volumes by category

(kmt)

9M 2011

9M 2010

Change y-o-y

Phosphate-based fertilizers

3,025.7

2,919.4

3.6%

Nitrogen-based fertilizers

697.6

668.1

4.4%

Apatit mine and beneficiation plant

6,503.8

6,795.0

-4.3%

Other products

5,380.2

4,942.0

8.9%


Commenting on the 9M 2011 production results, PhosAgro CEO and Director Maxim Volkov said: “Higher output of phosphate-based and nitrogen-based fertilizers during 9M 2011 was due to strong demand, which in turn was driven by high soft commodity prices combined with historically low fertilizer stockpiles.  Farmers continue to invest in increasing crop output, including through increased applications of crop nutrients.


“Our 9M 2011 performance demonstrates that fertilizers continue to benefit from strong fundamental drivers, and are less susceptible to the volatility seen in global financial markets.  We remain optimistic that phosphate fertilizer demand will remain strong in the medium term.”


The table below provides a product-by-product breakdown of 9M 2011 volumes:


Volumes by product

(kmt)

9M 2011

9M 2010

Change y-o-y

Apatite mine and beneficiation plant

Phosphate ore

19,990.3

20,060.8

-0.4%

Phosphate rock

5,762.2

6,060.3

-4.9%

Nepheline

746.3

734.3

1.0%

Phosphate-based fertilizers

DAP

698.5

1,342.8

-48.0%

MAP

1,216.3

551.2

120.7%

NPK

831.6

774.4

7.4%

NPS

64.3

27.7

132.4%

APP

44.7

38.6

15.5%

MCP

168.9

183.2

-7.8%

Other Phosphate Fertilizers

1.3

1.4

-8.6%

Nitrogen-based fertilizers

AN

356.4

273.9

30.1%

NP

0

30.0

-100.0%

Urea

341.2

364.1

-6.3%

Other products

AlF3

18.0

16.9

6.1%

Ammonia

799.6

796.5

0.4%

Phosphoric acid

1,275.2

1,220.0

4.5%

Sulphuric acid

3,287.4

2,908.6

13.0%