introducing eurochem
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Introducing EuroChem
Bank of America Merrill Lynch Fertilizer Forum London, January 26, 2011
2
Disclaimer
This presentation has been prepared by OJSC MHK EuroChem (“EuroChem” or the “Company”) for informational purposes, and may include forward-looking statements or projections. These forward-looking statements or projections include matters that are not historical facts or statements and reflect theCompany’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity,performance, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements and projectionsinvolve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautionsyou that forward-looking statements and projections are not guarantees of future performance and that the actual results of operations, financial conditionand liquidity of the Company and the development of the industry in which the Company operates may differ materially from those made in or suggested bythe forward-looking statements or projections contained in this presentation. Factors that could cause the actual results to differ materially from thosecontained in forward-looking statements or projections in this presentation may include, among other things, general economic conditions in the markets inwhich the Company operates, the competitive environment in, and risks associated with operating in, such markets, market change in the fertilizer andrelated industries, as well as many other risks affecting the Company and its operations. In addition, even if the Company’s results of operations, financialcondition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements orprojections contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Companydoes not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements or projections to reflectevents that occur or circumstances that arise after the date of this presentation.
This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue, or any solicitation of any offer topurchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation, communication ordistribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purposewhatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express orimplied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information oropinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents.
By participating in this meeting, you agree to be bound by the foregoing.
3
Contents
Nitrogen SegmentPotash Segment
Logistics & DistributionPhosphate Segment
EuroChem Overview
4
SummaryTop 10 agrochemical company globally by nutrient capacity:
2 Nitrogen plants in Russia (2.8 MMT of ammonia)
2 Phosphate plants in Russia and 1 in Lithuania (2.2 MMT of MAP/DAP)
1 Apatite and iron ore mine in Russia
P2O5-rich (37%-38%) apatite ore (2.7 MMT pa) covers c.85% of own P production needs
Up to 6MMT of iron ore (Fe content 64%), a co-product of apatite mining
Construction of own Potash (K) capacity is well underway (production to start 2013, reaching up to c.8 MMT pa of product by 2021)
Vertical integration: own raw materials, production, port terminals, rail stock, repair shops and distribution in CIS
Privately owned by Andrey Melnichenko (95%) and CEO Dmitry Strezhnev (5%)
Expected 2010 EBITDA: USD 1bn, +80% over 2009
Latest Net Debt / LTM EBITDA: 1.13x
As of 30 September 2010 EuroChem directly owned 9.998% of K+S AG
1,790
2,475
3,761
2,467
3,279
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2006 2007 2008 2009 2010E
US$
m
Revenue*
371
752
1,485
554
1,003
0
200
400
600
800
1,000
1,200
1,400
1,600
2006 2007 2008 2009 2010E
US$
m
EBITDA*
21%
30%
40%
22%
31%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2006 2007 2008 2009 2010E
US$
m
EBITDA margin
23,9%Russia
14,2%CIS
21,5%Asia
17,8%Europe
14,4% LatAm
5,0%N Amer
2,7%Africa
0,4%ROW
Sales by Region
*Revenue and EBITDA translated into US$ using 20 JAN 2011 exchange rate of 29.8252 RUB/US$
0 2 4 6 8 10 12 14
PotashCorp
Mosaic
Silvinit+Uralkali
CF Industries
Yara
Belaruskali
Agrium
OCP
Israel Chemicals
EuroChem
K+S AG
TogliattiAzot
PhosAgro
Sinopec
UralChem
PRIMARY PRODUCT CAPACITY, MMT OF NUTRIENTS
Ammonia (N)
Phos Acid (P2O5)
Potash (K2O)
5
Position in SectorTop 10 by nutrient capacity globally
0 2000 4000 6000 8000
AcronEuroChem
CF IndustriesICL
PotashCorpK+S
Mosaic*Yara
Agrium6M 2010 Revenue (US$m)
0 500 1000 1500
AcronEuroChem
CF IndustriesK+SICL
AgriumYara
Mosaic*PotashCorp
6M 2010 EBITDA (US$m)
0 200 400 600 800 1000
AcronCF Industries
EuroChemICL
K+SAgrium
Mosaic*Yara
PotashCorp6M 2010 Net Profit (US$m)
*Data for Mosaic is for Q3’10-Q4’10. Source: Bloomberg, company reports
6
Vertically Integrated Producer
Kovdor
Kingisepp
KedaynyayMoscow
Novomoskovsk
Nevinnomyssk
Perm
Volgograd
Murmansk
Tuapse
Tallinn
Novomoskovsk Azot
Lifosa
Phosphorit
EuroChem-BMU
Kovdorsky GOK
Gremyachinskoe deposit
Verkhnekamskoe deposit
Nevinnomyssk Azot
Potash
Nitrogen
Phosphate
Transhipment terminals
Apatite / iron ore mining
Belorechensk
Ust-Luga
Products VolumeIron ore 5,700Apatite 2,700Baddeleyite 8.9
Products Volume
MAP, DAP, NP 740
Feed phosphates 220
Products Volume
MAP, NP 510
Products Volume
DAP 980
Feed phosphates 150
Products Volume
MOP – Phase I 2,300
MOP – Phases I and II 4,600
Products VolumeMOP - Phase I 2,000
MOP – Phases I and II 3,400
Products VolumeAmmonia 1,164Urea 861Ammonium Nitrate 1,313UAN 1,022
Products VolumeAmmonia 1,627
Urea 1,440
Ammonium Nitrate 1,285
UAN 427
Note: all volumes expressed in thousands of tonnes
7
Key Competitive Advantages Low-cost raw materials (natural gas, phosphates
and, in future, potash)
Further cost advantages through vertical integration (own port terminals, rail stock, repair/maintenance units)
Distribution in the world’s fastest-growing large fertilizer market (Russia and CIS)
Iron ore (6 MMT pa) as co-product of apatite mining adds to profitability
Future global cost leadership in potashexpected at Gremyachinskoye field due to:
Proximity to port (~650 km)
K2O-rich ore
Flatness and thickness of potash layer
Thick protective salt layer
Growing production flexibility allows to quickly adapt to changes in market demand
8
The EuroChem Story
Growth 2.1% of the world’s nutrient capacity today
Earnings power Sustained competitiveness in N and P in Western Hemisphere
3.0% by 2020
Benefits from iron ore as a co-product of apatite mining Future global cost leadership in K
Key Risks Potash construction (mines) -? Natural gas cost differential between Russia and US/Europe -? Limited free cash flow in 2011-2013 on heavy capex -?
9
EuroChem: Corporate Governance
Andrey Melnichenko–Chairman of the Board of Directors Beneficiary of a 95 percent interest in EuroChem Co-founder and former Chairman of the Board of Directors of MDM Bank In partnership with Sergey Popov, built EuroChem, SUEK and founded TMK
Richard Sheath–Chairman of Audit Committee, Member of Corporate Governance and Personnel Committees Prior to Eurochem, worked as risk management consulting partner with PwC Began professional career with the Bank of England and the Ministry of Finance
George Cardona–Chairman of the Strategy Committee Founder and CEO of London-based Cardona Lloyd & Co. Previously worked at HSBC Group, as Head of Strategy, and also as General Manager
responsible for international banking
Vladimir Stolin–Chairman of Corporate Governance and Personnel Committees Author of various scientific works on management and corporate behavior Previous work experience includes being a professor at the and working as a consultant at RHR
International
Keith Jackson–Member of the Audit and Strategy Committees From 1996 to 2005, Senior VP and a divisional CFO of Anglo American Extensive experience across several sectors and regions. Previous positions held
include Chairman of Cleveland Potash, CFO of Cape plc
Charles Adriaenssen–Member of Corporate Governance and Personnel Committees Currently, member of the Boards of EPS SA, Green Facts Foundation, Outhere SA., and Sebastien
Holdings, President of VLORO and Chairman of Bastille Investments Extensive experience in diplomatic affairs
Dmitry Strezhnev–Chairman of the Management Board Head of EuroChem since August 2003 Co-founder and General Director of RusPromAvto, 1999-2003 Previously worked as Head of Likinskiy Bus Manufacturing Plant
Nikolay Pilipenko–Member of the Audit Committee CFO of EuroChem from 2006 to 2008 Extensive international experience with trading and industrial companies Previously worked at ABB Group
Board of Directors
Best-in-class approach to corporate governance
– Management develops and executes strategy
– Board of Directors performs overall oversight
Half of the Board is represented by independent directors with long standing reputation and experience
Three Board committees: Audit, Governance and Personnel, Strategy
Shareholding structure and influence Transparent and open ownership structure
Long term shareholder commitment
Prudent dividend policy, consistent with the financial situation of the company
Transparency and disclosure IFRS reporting since 2002
Annual reports issued since 2005, audited by PwC
Financial statements and majority of corporate governance documents are publicly available on website, which is regularly updated
Shareholding structure and influence
EuroChem is a private company implementing the best-in-class corporate governance expected of a public company
10
Main Strategic Objectives
Become top 5 global agrochemical company by revenue and profitability
Maintain cost advantage in N and P through vertical integration and investment in efficiency
• Improve existing production efficiency
• Build and launch own potash production• M&A: opportunistic approach
• Add new capacity for higher-value / lower gas content products (e.g. melamine, LDAN, NPK)
• Improve logistics (Baltic port, rail car fleet)
• Enhance distribution in core markets (CIS, Europe)
• Own natural gas production?
• Improve access to phosphate rock (Kazakhstan)
11
Nitrogen SegmentPotash Segment
Logistics & DistributionPhosphate Segment
EuroChem Overview
12
Project Overview
License area of 96,9 km2 located in Volgograd region
Russian reserves (B+C1+C2): 1,613 mmt;
Unbooked reserves (C1+C2): 74,5 thmt
JORC proven and probable reserves: 492 mmtmeasured and indicated resources: 1,337 mmt
Sylvinite ore
KCl average content: 37%
NaCl average content: 54%
MgCl average content: 0.2%
CaSO4 average content: 6-7%
Depth of 1,000–1,250 meters
Mining to start in 2013
Phase I full capacity in 2016
Phase II full capacity in 2018
Total investment for both phases est. US$ 3.4bn
Project Overview: Volgograd region (Gremyachinskoye)
0500
1,0001,5002,0002,5003,0003,500
prior to2010
2010 2011 2012 2013 2014 2015
US$
m
Gremyachinskoye cumulative capexPhases I+II (2010-completion)
Phase II cumulative capex Phase I cumulative capex
Phase I: capacity of 2.3 mmt p.a., involves construction of social infrastructure, cage shaft, skip shafts and processing facility
Phase II: capacity doubled to 4.6 mmt p.a., involves construction of additional skip shaft and expansion of processing facility
Mining startsNow
13
Project overview: Perm region (Verkhnekamskoye)Project Overview
0
500
1,000
1,500
2,000
2,500
3,000
prior to
2010
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US$
m
Verkhnekamskoye cumulative capexPhases I+II (2010-completion)
Phase II cumulative capex Phase I cumulative capex
License area of 132.9 sq km located in Perm region, home of Russian potash industry
Russian reserves (A+B+C1): 1,524 mmt
JORC proven and probable reserves: 420 mmtmeasured and indicated resources: 1,075 mmt
Sylvinite and carnallite ore
KCl average content: 30%
NaCl average content: 62%
MgCl average content: 0.3%
CaSO4 average content: 2.2%
Insoluble residue: 4.9%
Depth ~500 meters
Mining to start in 2016
Phase I full capacity in 2018
Phase II full capacity in 2021
Total investment for both phases est. US$ 2.7bn
Phase I: capacity of 2.0 mmt p.a., involves construction of social infrastructure, cage shaft, skip shafts and processing facility
Phase II: additional capacity of 1.4 mmt p.a., involves construction of additional skip shaft and expansion of processing facility
Mining starts
3.4 MMT
2.0 MMT
Now
050
100150200250300
Eur
oChe
mV
olga
-Kal
i
Eur
oChe
mP
erm
Ura
lkal
i
Silv
init
ICL
(DS
W)
AP
C
Pot
ashC
orp
Mos
aic
Bel
arus
kali*
K+S
Kal
i
KCl Delivered Cost to China, 2010
Freight to China Export Duty Delivery to FOB Site Cost
14
Future Cost Position in Potash
Eur
oChe
mV
olga
-Kal
i
Eur
oChe
mP
erm
Ura
lkal
i
Silv
init
ICL
(DS
W)
AP
C
Pot
ashC
orp
Mos
aic
Bel
arus
kali*
K+S
Kal
i
KCl Delivered Cost to Brazil, 2010
Freight to Brazil Export Duty Delivery to FOB Site Cost
050
100150200250300
Eur
oChe
mV
olga
-Kal
i
Eur
oChe
mP
erm
Ura
lkal
i
Silv
init
ICL
(DS
W)
AP
C
Pot
ashC
orp
Mos
aic
Bel
arus
kali*
K+S
Kal
i
KCl Delivered Cost to India, 2010
Freight to India Export Duty Delivery to FOB Site Cost
EuroChem’s intended global cost leadership in K would help withstand prolonged periods of depressed potash price (<$350 CFR China), if necessary
* export duty for Belaruskali is 50 euro per tonne
Source: company reports, British Sulphur, Fertecon, EuroChem estimates
15
Visual Update
Skip shaft construction site and cooling system
Skip shaft pre-sink
Employee housing
Cage shaft construction site
16
Nitrogen SegmentPotash Segment
Logistics & DistributionPhosphate Segment
EuroChem Overview
17
Nitrogen Segment
Kovdor
Kingisepp
Kedaynyay
Moscow
Novomoskovsk
Nevinnomyssk
Perm
Volgograd
Murmansk
Tuapse
Tallinn
Novomoskovsk Azot
Nevinnomyssk Azot
Potash
Nitrogen
Phosphate
Transhipment terminals
Mining operations
Belorechensk
Ust-Luga
Products VolumeAmmonia 1,627Urea 1,440Ammonium Nitrate 1,285UAN 427
Products VolumeAmmonia 1,164Urea 861Ammonium Nitrate 1,313UAN 1,022
EuroChem nitrogen operations
Note: all volumes expressed in thousands of tonnes
18
Sales by region*, 9M 2010
Sales by Product*, 9M 2010
Key 9M 2010 Results
Nitrogen Phosphate Distribution
*including sales to other segments
Russia and CIS38% (+11)
Asia11% (-8)
Europe22% (+3)
Latin America15% (-4)
North America9% (-1)
Africa4% (-2)
Australasia1% (-1)
(in brackets – change in percentage points relative to 9M 2009)
Urea28% (-3)
Ammonium Nitrate
24% (+1)UAN8% (-2)
Complex9% (-)
Ammonia11% (+1)
Other10% (+2)
Acetic Acid4% (-1)
Methanol6% (+3)
(in brackets – change in percentage points relative to 9M 2009)
32,929,3
9,9 11,0 12,1 10,3 9,3
9M 2010 9M 2009 Q3 10 Q2 10 Q1 10 Q4 09 Q3 09
25% 25%
17%
26%
31%
19%21%
9M 2010 9M 2009 Q3 10 Q2 10 Q1 10 Q4 09 Q3 09
Revenue*, RUBbn
EBITDA margin
Nitrogen segment includes nitrogen fertilizers and organic synthesis products.
*Revenue and sales volumes include sales to other segments
0 100 200 300 400
Nevinnomyssk Azot
East Europeanproducers
Ukrainian producers
Gas costs Other cash costs Delivery costs
19
0 50 100 150 200 250 300 350 400
Novomoskovsk Azot
European producers
Ukrainian producers
Gas costs Other costs Delivery costs Import duty
Illustrative delivered urea costs to Brazil ($/m tonne)
Assuming gas price = $150 per 1,000m3 (equivalent to $340 netback price from Europe)
Assuming gas price = $250 per 1,000m3 (DAF)
Assuming gas price = $250 per 1,000m3 (DAF)
Illustrative delivered urea costs to Europe ($/m tonne)
Assuming gas price = $340 per 1,000m3
Assuming gas price = $290 per 1,000m3 (spot/contract mix)
Assuming gas price = $150 per 1,000m3 (equivalent to $340 netback price from Europe)
Note: ¹ Gas costs for Western Europe as at German border
Impact of Rising Natural Gas Prices in Russia
Nitrogen Phosphate Distribution
EuroChem maintains significant cost advantage over European and Ukrainian producers in its key markets even after domestic gas prices rise to their “netback” level
20
Nitrogen StrategyKey Objectives Key Investment Projects
Other Ideas
Ensuring energy efficiency improvements and removal of bottlenecks, leading to lower costs at both plants through incremental investment;
Achieving product flexibility in order to maximize profit margins through alignment of production to market conditions;
Ensuring best possible access to attractive markets (i.e. markets where EuroChem is most competitive on a “cash cost delivered to” basis);
Securing access to competitively priced natural gas.
Alternative gas supply:
Buy or build own natural gas supply in Russia;
Contract with independent gas producer in Russia (Novatek, LUKoil);
Build or buy new N capacity in region with cheap gas.
Additional value added/lower gas content products:
LDAN - 200 kmt p.a.;
AdBlue;
Production of Urea, CAN and UAN with sulphur content.
Deep upgrade of Ammonia plants.
Recently completed:
CAN – 420 kmt p.a.
Granular urea 3 – 2,000 mt p.d.
Granular urea 4 – 1,150 mt p.d.
Under Construction:
Melamine – 50 kmt p.a.
2010 2011 2012 2013 2014
Cumulative N capex 2010-2014 (US$ m)
277
185
12712386
Objectives: build capacity in premium products, diversify and reduce share of natural gas cost in the product price
21
Nitrogen SegmentPotash Segment
Logistics & DistributionPhosphate Segment
EuroChem Overview
Moscow – EuroChem HQ
Taraz
Phosphate and mining operationsOwn transhipment terminalsPort facilities rented under a long-term contract
Russia
KazakhstanUkraine
22
EuroChem phosphate operations
Kovdor
Murmansk
Lifosa
EBMU
Kovdorsky GOK
Klaipeda
TuapseBelorechensk
Kedaynyay
Phosphate Operations
Nitrogen Phosphate Distribution
Products VolumeIron ore 5,700Apatite 2,700Baddeleyite 8.9
Products VolumeMAP, DAP, NP 740Feed phosphates 220
Products Volume
MAP, NP 510
Products VolumeDAP 980
Feed phosphates 150
Phosphorit
Kingisepp
Note: all volumes expressed in thousands of tonnes
23
Key 9M 2010 Results
Nitrogen Phosphate Distribution
Sales by product*, H1 2010
Sales by region*, 9M 2010
Russia and CIS35% (-)
Asia32% (-2)
Europe16% (-6)
Latin America14% (+10)
North America2% (+1)
Africa1% (-3)
(in brackets – change in percentage points relative to 9M 2009)
MAP, DAP54% (-5)
Feed6% (-2)
Apatite2% (-1)
Iron ore31% (+8)
NP, NPK3% (-)
Other4% (-)
*including sales to other segments
(in brackets – change in percentage points relative to H1 2009)
33%
14%
36%39%
19%14% 12%
9M 2010 9M 2009 Q3 10 Q2 10 Q1 10 Q4 09 Q3 09
35.7
23.9
13.9 12.69.2
7.2 8.5
9M 2010 9M 2009 Q3 10 Q2 10 Q1 10 Q4 09 Q3 09
Revenue*, RUBbn
EBITDA margin
Phosphate segment includes included iron or and baddeleyite, byproducts of apatite production at Kovdorskiy GOK mine.
24
293 311
356 334 320
353
EuroChem Morocco US integrated
To Europe To India
Illustrative economics for competing DAP producers Delivered cost to Europe and India (US$/t)
Source: EuroChem information
Assuming “normalized” across-the-cycle ammonia and sulphur costs for US integrated producers
US integrated Morocco EuroChem
US$ To Europe To India To
Europe To India To
Europe (Lifosa)
To India (Phosphorit)
Ammonia cost 470 470 445 445 244 256
Ammonia / tonne DAP 0.22 0.22 0.22 0.22 0.22 0.22Ammonia cost / tonne
DAP 103 103 98 98 54 56
Rock cost / tonne 48 48 49 49 102 80
Rock / tonne DAP 1.73 1.73 1.56 1.56 1.28 1.28Rock cost / tonne
DAP 83 83 76 76 131 102
Sulfur cost / tonne DAP 60 60 34 34 30 30Other cash costs / tonne DAP 50 50 60 60 50 60
Production costs / tonne 296 296 269 269 264 249
Freight 60 57 43 51 29 85Total delivered cost / tonne 356 353 311 320 293 334
Cost Comparison
Nitrogen Phosphate Distribution
25
Phosphate StrategyKey Objectives Key Investment Projects
Other Ideas
Increase supply of own raw materials (phosphate rock, apatite);
Reduce conversion cost to improve cost per unit;
Grow capacity to increase the benefits of economies of scale;
Improve cost efficiency through energy-saving technologies;
Enhance product flexibility with capacity to produce at least two products at each plant (DAP and MCP at Lifosa, DAP/MAP and DFP at Phosphorit, MAP and NPK at BMU).
Expand phosphate business and with access to low cost phosphate rock in Kazakhstan;
Discussing development of apatite deposit in Finland close to Russian border with mine owner Yara;
Opportunities for access to Moroccan rock under discussion.
Feed phosphates at Lifosa: 150 kmt p.a. (completed in mid. 2010);
Increase sulphuric acid capacity: at Phosphorit from 720 to 1,000 kmtp.a.; at EBMU from 520 to 720 kmt p.a.;
Increase phosphoric acid capacity: at Phosphorit from 350 to 400 kmtp.a.; at EBMU from 240 to 300 kmt p.a.;
Build NPK production at EBMU: 800 kmt p.a. (to correspond to K production coming online in Volgograd).
170
91
142
2010 2011 2012 2013 2014
Cumulative P capex 2010‐2014 (US$ m)
142
67
Objectives: debottleneck, decrease fixed costs per tonne, reduce costs through own energy generation, eliminate reliance on external phosphate rock.
26
Nitrogen SegmentPotash Segment
Logistics & DistributionPhosphate Segment
EuroChem Overview
27
LogisticsOverview and plans
Moscow
TankChem (Sillamae)
Tuapse Bulk Terminal
Assets:
Murmansk: 1.5 mmt p.a., iron ore
Sillamae: 700 kmt p.a., liquid fertilizers and organic chemicals
Tuapse : 3 mmt p.a., bulk fertilizers
Klaipeda (long-term contract): 3.5m bulk, 500k tonnes liquid, 1m tonnes phosphate rock
3 ships in long-term lease
Over 6,700-strong rail stock and 42 locomotives
Own rail stock service depot
Plans:
Ust-Luga (planned): 5 mmt p.a., bulk fertilizers
Use own rail stock only
Nitrogen plantPhosphate plant
Phosphate rock and iron ore mineOwn shipping terminalsLong-term contract shipping terminal
Klaipeda
Murmansk Bulk Terminal
Ust-Luga
28
Distribution
Nitrogen Phosphate
Overview and plans
Nitrogen plantPhosphate plant
Phosphate rock and iron ore mineOperating distribution centresPlanned distribution centres
Kovdorsky GOK
Lifosa
Phosphorit
Moscow
Novomoskovsky Azot
Nevinnomyssky AzotEBMU
Own shipping terminals
Distribution
Distribution network
Distribution: 39 distribution centres in Southern and Central Russia and Ukraine
Future plans: gradual development of distribution in other key markets (Europe, US, Brazil)
Long-term contract shipping terminal
29
Summary: The EuroChem Story
Growth 2.1% of the world’s nutrient capacity today
Earnings power Sustained competitiveness in N and P in Western Hemisphere
3.0% by 2020
Benefits from iron ore as a co-product of apatite mining Future global cost leadership in K
ManageableRisks
Potash construction (mines) -? Natural gas cost differential between Russia and US/Europe -? Limited free cash flow in 2011-2013 on heavy capex -?
30
THANK YOU
ir@eurochem.ru www.eurochem.ru
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