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Apatit Restarts Production at Apatite-Nepheline Plant #2

28 December 2011
Dow Jones

Apatit Restarts Production at Apatite-Nepheline Plant #2  Kirovsk, PhosAgro (MICEX-RTS, LSE: PHOR) ("the Company"), a leading global vertically integrated phosphate-based fertilizer producer, announces that OJSC Apatit has restarted production and deliveries to clients at Apatite-Nepheline Beneficiation Plant #2 (ANOF-2).

The reconstruction of the damaged part of the reagent preparation building in the ANOF-2 crushing and flotation block is already under way. Based on preliminary estimates, the work is expected to take several months and a budget of no more than RUB 90 million to complete.

PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 35.7 percent), as well as ammonia and nitrogen-based fertilisers. In 2010, the Group was the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources, and has 41% of Russia's rare earth oxides resources.

The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. The Group is the only global vertically integrated fertilizer producer that derives approximately 90% of its consolidated gross profit from the phosphates segment. PhosAgro's 1H 2011 IFRS revenue was $1.7 bln and EBITDA was $620 mln. The ompany's net debt/EBITDA ratio was 0.6 at 30 June 2011.