OJSC Uralkali, has acquired a license to develop the Romanovsky block of the Verkhnekamskoye deposit of potassium and magnesium salts at an auction, according to the company's press release.
The terms of the license allow the Company to conduct geological exploration of subsurface resources, as well as the exploration and extraction of potash, magnesium and mixed chloride salts.
The total value of the license is RUB 325.829 million. The new block has estimated commercial reserves of 385 million tones of sylvinite ore.
The license expiration date is July 25, 2039.
OJSC Uralkali (tax number: 5911029807) is an integrated company established by merging the assets of OJSC Uralkali and OJSC Silvinit (the merger was finalized on June 16, 2011). For the purpose of the merger, Uralkali acquired 1,565,151 common shares (about 20%) of Silvinit and took over Silvinit replacing the target company's common and preferred shares with its own common stock.
In 2013, Uralkali increased potassium production by 10% to 10 million tonnes.
IFRS net profit of Uralkali for 2013 decreased by 58% against 2012 to $666 million, net revenue by 20% to $2.665 billion, EBITDA by 31% to $1.634 billion.
According to the DataCapital information retrieval system, RAS net profit of OJSC Uralkali for Q1 2014 fell by 24% to RUB 5.899 billion from RUB 7.77 billion for the same period in 2013. Revenue increased by 21% to RUB 26.373 billion from RUB 21.751 billion, sales profit to RUB 11.74 billion from RUB 10.566 billion.