EuroChem and Migao Establish Joint Venture in China
November 28, 2013 (Source: Marketwired) — Further to the announcement of July 29, 2013, EuroChem, Russia’s largest mineral fertilizer producer and a top ten agrochemical company globally, and Migao Corporation (TSX:MGO), a China-based specialty potash fertilizer producer, today jointly announce establishment of the EuroChem Migao joint venture. The joint venture will produce up to 60,000 tonnes of potassium nitrate (NK) and up to 200,000 tonnes of chloride-free complex fertilizers (NPK) per annum in Yunnan, a province in southern China. EuroChem and Migao will each own 50% of the Hong Kong-based joint venture.
Within the framework of the EuroChem Migao joint venture, a fertilizer production facility is currently being constructed in Luliang, Yunnan. A first 100,000 tonnes per annum NPK production unit is expected to be launched as early as December 2013 with a 60,000 tonnes per annum NK production unit and a second 100,000 tonnes per annum NPK line expected to follow in 2014.
EuroChem is a leading global agrochemical company, producing primarily nitrogen and phosphate fertilizers, as well as certain organic synthesis products and iron ore. The Group is vertically integrated with activities spanning from mining and natural gas extraction to production, logistics, and distribution of fertilizers. EuroChem is currently developing the Gremyachinskoe and Verkhnekamskoe greenfield potash projects in Russia, which have an aggregate planned annual capacity of over 8 million tonnes per year.
About Migao Corporation
Migao Corporation, through its wholly owned subsidiaries, owns and operates fertilizer production plants in various strategic locations across China for the production and sale of specialty potash fertilizer (potassium nitrate and potassium sulphate) to China’s agricultural market. Migao Corporation is subject to, and complies with strict government regulations that govern safety, quality and environmental protection. Please visit www.migaocorp.com for further information.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>