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Russia's Acron may sell some potash areas in Canada

April 04/2012

(reuters) -- Russian fertiliser maker Acron may sell some permits to extract potash in Canada through its subsidiary North Atlantic Potash Inc, Acron's chairman Alexander Popov told reporters at a media briefing.

"We have two projects (in Canada) where we would like to stay... and there are several other areas which are up for sale," Popov said in the Russian town of Velikiy Novgorod in remarks cleared for publication on Monday.

North Atlantic sold eight potash licences to the Yankuang Group Corporation Limited of China for USD110 million last October.

It still holds 18 permits in the Prairie Evaporite potash deposit in Saskatchewan province in Canada, of which 9 permits are included into a joint venture agreement with mining giant Rio Tinto.

Popov did not specify whether Acron wants to sell permits, which are a part of the agreement with Rio Tinto.

Chairman added that Acron may boost its output in the first quarter despite production cuts at rivals' assets as it expects the demand for mineral fertilisers to revive in the second half of 2012.

The market had been braced for a gloomy outlook after larger rivals Uralkali of Russia and P otash Corp of Canada warned of weak demand.

Popov expects the demand for nitrogen fertilisers to rise by 1.5 percent per year during the next several years and believes that high prices for food products will support global fertiliser prices in the second half of this year.
Author:Anna Larionova
Category:General News
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