OREANDA-NEWS. Uralkali (Company; LSE: URKA), one of the world's largest potash producers, has obtained a licence to develop the Romanovsky block of the Verkhnekamskoye deposit of potassium and magnesium salts.

The terms of the licence allow the Company to conduct geological exploration of subsurface resources, as well as the exploration and extraction of potash, magnesium and mixed chloride salts.

The total value of the licence acquired in an auction is RUB 325,829,900 (approximately USD 9.12 million1). The new block has estimated commercial reserves of 385 million tonnes of sylvinite ore2.

The expiration date of the license is 25 July 2039.

Uralkali is one of the world's largest potash producers and exporters. The Company's assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Region, Russia). Uralkali employs ca.11,300 people (in the main production unit). Uralkali's shares and GDRs are traded on the Moscow Exchange and London Stock Exchange, respectively.