* Three banks get share in Acron's project for $406 mln
* Vnesheconombank to lend $1.1 bln to Acron in 2014
* Acron's Talitsky mine to start potash production in 2016
MOSCOW, Nov 1 Russia's Acron
, one of Europe's top 10 mineral fertiliser makers, has
agreed $1.5 billion of equity and debt financing for a potash
project in Russia, which could boost its output in four years.
Acron has attracted Russian state bank Vnesheconombank
(VEB), Eurasian Development Bank and Raiffeisenbank to finance
construction of its Talitsky mine in Russia's Urals region,
which aims to start potash production in 2016, the company said
In a first stage, the three banks have acquired equity in
Acron's firm which operates the project for 12.8 billion roubles
VEB bought 20 percent minus one share, Eurasian Development
Bank received 9.1 percent and Raiffeisenbank received 8.95
percent. Acron owns the remaining share of the project.
These investments will allow full-scale construction of the
Talitsky mine to start in the fourth quarter of 2012. The total
capital expenditure required for the project is estimated at $2
billion, excluding the cost of the mining licence for the
Talitsky area, which was about $700 million.
In the second part of the deal, VEB will provide debt
financing in the form of a $1.1 billion credit line facility for
further development of the project in 2014.
($1 = 31.3565 Russian roubles)
(Reporting by Natalia Shurmina; Writing by Polina Devitt;
Editing by Jason Bush and Mark Potter)