Uralchem will invest $255 million in a new phosphate project in the Murmansk region

Uralchem has signed an agreement with the Murmansk Region government to develop the Tuloma mineral site, committing to invest about RUB 20 billion (approximately USD 255 million). The agreement was signed during the St. Petersburg International Economic Forum by Andrey Chibis, governor of the Murmansk Region, and Dmitry Konyaev, chief executive of Uralchem, according to the Murmansk Region Investment Portal.

The project includes the construction of an open-pit mine and a processing plant to develop phosphate mineral resources at the Tuloma site. Regional authorities said the investment is expected to create hundreds of jobs, increase tax revenues, and support the implementation of Russia’s Arctic development strategy through 2035. Under the agreement, Uralchem will evaluate the project’s investment potential and finance development activities, while the regional government will provide support measures, including land allocation and assistance with infrastructure and socioeconomic initiatives.

Chibis said the arrival of Uralchem highlights the Murmansk Region’s growing attractiveness to investors, noting that regional investment has reached RUB 1.8 trillion (about USD 23 billion) over the past seven years. He added that the project would strengthen the region’s transport infrastructure, generate high-paying jobs, and contribute additional tax revenues for public services and social infrastructure. The governor also noted that phosphate ore processing in the region has traditionally been carried out by PhosAgro, EuroChem, and Acron, making Uralchem the latest major fertilizer producer to establish a presence in the Kola Arctic.