Russia's Akron Brings In $1.5B For Potash Mine

Law360, New York (November 1, 2012, 5:24 PM EDT) -- Russia's Akron OAO said Thursday that it had locked down $1.5 billion in financing from state-backed and development banks for its $2 billion Talitsky potash mine, which it started exploring in 2008 in hopes of strengthening its supply chain to China, the world's biggest fertilizer market.

The financing comes in two stages, according to a statement Akron released Thursday. In a first phase, three banks have already bought shares in the Akron subsidiary that will operate the mine. Vnesheconombank now owns about 20 percent, the Eurasian...
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