PJSC Uralkali received approval from the Russian authorities for the construction of the Ust-Yayva mine in the Perm region, the Ministry of Industry and Trade announced Dec. 21.
The Interdepartmental Commission for Special Contracts signed off on the planned production facilities at the Ust-Yayva mine, where Uralkali hopes to produce about 123.8 billion Russian rubles worth of potash.
The Special Investment Contract between the fertilizer producer, the government of the Perm region and the Ministry of Industry and Trade exceeds 35.7 billion rubles and will run to the end of 2027.
The government of the Perm region and the Ministry of Industry and Trade granted Uralkali tax privileges for the project in June 2017.
Ust-Yayva is part of Uralkali's Berezniki project.
As of Dec. 21, US$1 was equivalent to 68.72 Russian rubles.