Uralkali concludes new investment contracts instead of terminated SPIC 1.0
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“Uralkali» instead of the terminated SPIC 1.0 for the New South Mine, signed a SPIC 2.0 for the same project. The SPIC 2.0 for the Polovodovsky Potash Plant project is in the final stage of conclusion instead of the SPIC 1.0 terminated for the same project, a representative of the Ministry of Industry and Trade told Vedomosti.
Prior to this, on April 5, Vedomosti wrote with reference to the register of special investment contracts that Uralkali had terminated both of its SPICs with the Ministry of Industry and Trade and the Perm Territory. One contract was signed for the construction of the Polovodovsky potash plant, the other for the new Solikamsk-2 mine.
Uralkali signed SPICs of the first type (SPIC 1.0) for these projects in June 2019. The volume of investments in the Polovodovsky plant was estimated at 117.8 billion rubles, in Solikamsk-2 – at 36.8 billion rubles. Their planned capacity is 2.8 million and 2.3 million tons of ore per year, respectively. The SPIC for the Polovodovsky plant was one of the largest in Russian industry.
Uralkali was due to start production at the new Solikamsk-2 mine in 2024 and at the Polovodovsky potash plant in 2027. Both SPICs expired on 31 December 2028. The contracts gave Uralkali the right to receive zero income tax rates until 2026 and property tax rates until 2029
The Solikamsk-2 project involves the creation of an ore mining complex in the southern part of the Solikamsky and Novo-Solikamsky blocks of the Verkhnekamskoye deposit and the development of industrial production of potassium chloride in the Rodnikovsky rural settlement of the Solikamsky district of the Perm Territory. The new mine “Solikamsk-2” is being built to continue developing the reserves of the mine field, mining at the old mine SKRU-2 has been stopped, work is underway to backfill the mined-out mine space. In December 2022, it was reported that Uralkali had postponed the start of production at the new Solikamsk-2 mine until 2035 and plans to allocate a total of RUB 70.5 billion to the project.
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