GCM Global Energy Plc plans to invest $100 million this year in building a potash plant in Belarus, the country’s Council of Ministers said today, citing the Russian company’s owner Mikhail Gutseriev.
“The company Slavkali has been created, mining allotments have been received, staff hired, a budget approved, and an engineering contract signed,” the Council cited Gutseriev as saying in a posting on its website after the businessman met Prime Minister Mikhail Myasnikovich today in the capital, Minsk.
Gutseriev’s company has already invested “tens of millions of dollars” in the venture, with construction scheduled to begin after all project work is completed in the second half of 2013, the Council cited him as saying.
GCM Global Energy expects to invest a total of $1.5 billion into the project, the website cited Gutseriev as saying. The plant will be the country’s second for production of the soil nutrient and will have a capacity of 1.1 million metric tons a year, the website posting shows.