Otkritie Bank invests in potassium chloride

Otkritie Bank acquired 10.1% of the authorized share capital of Verkhnekamsk Potash Company (VPC, Acron Group). Acron Group reduced its stake in the project to 50%+1 share.

“We are happy to welcome Otkritie Bank as a new participant in our major potash project. Acron Group understands the importance of developing long-term partnership relations with financial institutions. We are grateful to our financial partners for their participation, which allows us to more flexibly implement the project in the current macroeconomic environment,” noted Alexander Popov, Acron’s Chairman of the Board of Directors.

“We have reached the final stage of building vertical shafts. With the banks’ support, we will be able to begin the construction of the on-ground facilities and the underground mine, taking into account market conditions and needs.”

VPC develops the Talitsky area of the Verkhnekamsk potassium-magnesium salt deposit (Perm Region). Its reserves add up for almost 60 million tons of potassium chloride.