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PhosAgro Phosphate-based Fertilizer Production Up 6.1% in 2011

9 February 2012

Moscow. 9 February 2012 – PhosAgro (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces its production update for the year 2011.  The Company increased output of phosphate-based fertilizers by 6.1% year-on-year (y-o-y), while production of nitrogen-based fertilizers increased 1.7% y-o-y during 2011. 


PhosAgro’s production and sales volumes for 2011 are summarized in the tables below.


Production Volumes by type

(kmt)

2011

2010

Change y-o-y

Phosphate-based fertilizers

4,105.4

3,870.4

6.1%

Nitrogen-based fertilizers

901.3

886.6

1.7%

Apatit mine and beneficiation plant

8,716.8

9,153.7

(4.8%)

Other products

7,186.5

6,695.0

7.3%


Sales Volumes by type

(kmt)

2011

2010

Change y-o-y

Phosphate-based fertilizers

4,061.7

3,841.5

5.7%

Nitrogen-based fertilizers

889.4

850.4

4.6%

Apatit mine and beneficiation plant

4,149.3

4,732.5

(12.3%)

Other products

347.0

278.7

24.5%


Commenting on the 2011 production results, PhosAgro CEO and Director Maxim Volkov said: “I am pleased to announce a 6% rise in production and sales of phosphate-based fertilizers in 2011, which shows that we have delivered on our strategy of organic growth through increasing processing of our own phosphate rock for phosphate-based fertilizers like MAP, DAP and NPK.


“With PhosAgro’s rich resource base in the Apatit mine, we are also seeking to increase shareholder value over the longer term by developing projects to increase the deep processing of apatite ore for products like fluoric salts, in addition to increasing the production of our own phosphate-based fertilizers.”


The table below provides a breakdown of 2011 production volumes by major product:


Production Volumes

(kmt)

2011

2010

Change y-o-y

Apatit mine and beneficiation plant

Phosphate ore

26,585.4

27,098.7

(1.9%)

Phosphate rock

7,719.8

8,127.4

(5.0%)

Nepheline concentrate

997.0

1,026.3

(2.9%)

Phosphate-based fertilizers

DAP/MAP

2,537.4

2,507.0

1.2%

NPK

1,199.2

932.9

28.5%

NPS

82.3

134.2

(38.7%)

APP

58.1

50.7

14.6%

MCP

228.4

245.6

(7.0%)

Nitrogen-based fertilizers

AN

455.7

391.1

16.5%

NP

0

30.0

(100.0%)

Urea

445.6

465.5

(4.3%)

Other products

AlF3

24.2

23.4

3.4%

Ammonia

1,010.1

1,043.1

(3.2%)

Phosphoric acid

1,711.2

1,629.6

5.0%

Sulphuric acid

4,441.0

3,998.9

11.1%


The table below provides a breakdown of 2011 sales volumes by major product:


Sales Volumes

(kmt)

2011

2010

Change y-o-y

Apatite mine and beneficiation plant

Phosphate rock

3,152.6

3,711.7

(15.1%)

Nepheline concentrate

996.7

1020.8

(2.4%)

Phosphate-based fertilizers

DAP/MAP

2,533.2

2,499.5

1.3%

NPK

1,162.8

913.7

27.3%

NPS

82.7

132.1

(37.4%)

APP

55.7

50.2

11.0%

MCP

227.3

245.9

(7.6%)

Nitrogen-based fertilizers

AN

446.8

371.1

20.4%

NP

0.0

30.2

(100.0%)

Urea

442.6

449.1

(1.5%)

Other products

AlF3

24.4

30.6

(20.3%)

Ammonia

141.8

142.1

(0.2%)

Phosphoric acid

13.0

5.8

124.1%

Sulphuric acid

167.8

100.2

67.5%