OREANDA-NEWS. January 30, 2012. The state-owned Belarusian company OJSC Belaruskali (based in Soligorsk, Minsk Region), which won a tender to develop Petrikov potash salt deposits in Gomel Region, shall establish a open joint stock company to implement the Petrikov potash project and surrender a 50% stake in the newly-established OJSC to the Belarusian government.

Belarus’ President Alexander Lukashenko prescribed the aforementioned business pattern in ordinance #37 “On the development of Petrikov potash salt deposit” dated January 17, the president’s press-service reports.

Petrikov potash salt deposit is a major investment project to be implemented in 2012-2021, with at least 1.5 million tonnes of potassium chloride produced annually.

Petrikov potash salt deposit is leased to the developer for a period of 50 years. Within a period of 12 months after signing the investment contract, the developer shall make a lump payment of USD 146.5 million for the right to use mineral resources and another USD 20.7 million to compensate geological prospecting operations.

Half of the total value of the project will be financed with external investments without the government’s security coverage.

The state-owned Belarusian company OJSC Belaruskali is one of the world’s largest manufacturers of potash fertilizers, employing about 20,000 personnel. It operates the Starobinskoye potash salts deposit and comprises four mine groups, auxiliary shops and support units.

Belaruskali controls 16% of the world’s potash fertilizer market.