PhosAgro plans to invest $1 billion in 2024 to strengthen its production complexes

PhosAgro, one of the largest Russian phosphate-based fertilizer producers, has reaffirmed its key investment projects. During a recent board meeting, the company’s CEO, Mikhail Rybnikov, announced an unprecedented investment plan for the year, earmarking a record 75 billion rubles ($1.04 billion).

Rybnikov highlighted that the company is consistently executing its development strategy through 2025, with significant projects at various production sites. “Following the launch of a major facility this spring, our sites in Cherepovets and Volkhov will complete initiatives to increase the processing of apatite concentrate by nearly 400,000 tons by year’s end,” he stated.

The Cherepovets complex is also undergoing enhancements to expand its aluminum fluoride production capacity from 75,000 tons to 96,000 tons annually. This compound, a critical component in aluminum production electrolytes, is expected to see increased deliveries by 2026.