March 18, 2011 / 9:15 AM / 8 years ago

Russia Uralkali, Silvinit to mine 10.6 mln T potash

SOLIKAMSK, Russia, March 18 (Reuters) - Russian potash miners Uralkali (URKA.MM) and Silvinit SILV.MM expect to produce a combined 10.6 million tonnes of potash this year, up from 10.3 million tonnes in 2010, Uralkali’s CEO said.

The two companies, controlled by Russian billionaire tycoon Suleiman Kerimov and associates, announced a $23.9 billion merger earlier this year.

Uralkali Chief Executive Officer Vladislav Baumgertner also said that its Belarussian Potash Co (BPC) export joint venture will sign a new contract with India in the coming months at a sharply higher price.

“The contract will be signed in the next few months and the price increase will be serious,” he said.

BPC in January signed a deal to sell 600,000 tonnes of potash to two major Chinese buyers at $400 per tonne.

Baumgertner also said he expected potash demand to keep rising in the next few years. (Reporting by Natalya Shurmina, writing by Alfred Kueppers; editing by Maria Kiselyova)

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