Potash ( / ˈ p ɒ t æ ʃ / POT -ash ) includes various mined and manufactured salts that contain potassium in water- soluble form. The name derives from pot ash , plant ashes or wood ash soaked in water in a pot, the primary means of manufacturing potash before the Industrial Era . The word potassium is derived from potash .
103-573: Uralkali (Russian: Уралка́лий , IPA: [ʊrɐɫ'kalʲɪj] ) is a Russian potash fertilizer producer and exporter. It is traded on the Moscow Exchange using the symbol, URKA. The company's assets consist of five mines and seven ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Krai, Russian Federation ). Uralkali employs about 12,000 people (in the main production unit). The company produces standard and granular potassium chloride (KCl), sodium chloride ( NaCl in
206-819: A catalyst for synthetic rubber manufacturing. Also combined with silica sand to produce potassium silicate , sometimes known as waterglass , for use in paints and arc welding electrodes. These non-fertilizer uses have accounted for about 15% of annual potash consumption in the United States. No substitutes exist for potassium as an essential plant nutrient and as an essential nutritional requirement for animals and humans. Manure and glauconite (greensand) are low-potassium-content sources that can be profitably transported only short distances to crop fields. ONEXIM Mikhail Dmitrievich Prokhorov (Russian: Михаил Дмитриевич Прохоров , IPA: [mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf] ; born 3 May 1965)
309-663: A 'puppet Kremlin party' micromanaged by a 'puppet master' in the president's office ... Vladislav Y. Surkov ". In 2014, Prokhorov announced that he was considering moving control of his ownership in the Brooklyn Nets to one of his Russian-based subsidiaries, in an attempt to comply with Putin's order, signed into law in 2013, that no Russian politicians should have foreign assets and equity, and that all Russian companies should be registered and pay tax locally. In 2016, Prokhorov ran afoul of Putin when his media group Onexim, specifically RBC Media, published articles and news reports on
412-516: A 12.5 percent stake in Uralkali's ordinary shares. In September 2013, the bonds were converted and CIC thus acquired a 12.5% stake in the firm, rumoured to be worth around $ 2 billion. In June 2012, Green Patrol , a Russian environmental non-governmental organization, listed Uralkali as one of the top 100 polluters in Russia, based on information gathered during the previous years. An expedition organised into
515-476: A commercial product, potassium chloride, which is used as a fertiliser applied either directly to the soil or as an ingredient of compound NPK fertilisers. In addition, potash is used in other industries such as chemical, petrochemical, food, and pharmaceutical. The company accounts for a significant share of global potassium chloride production with 80% of the company's products being exported overseas. The main buyers are Brazil, India, China, Southeast Asia, Russia,
618-602: A deposit can be refunded only during a seven-day cooling-off period . On 2 March 2010, a court at Nice in France ruled that the villa's owner, 71-year-old Lily Safra , could keep the £36 million deposit, plus £1 million in interest. Regarding Prokhorov's political efforts and the Right Cause party, critical commentators claim that the entire endeavor is just a project of the Kremlin closely curated by Vladislav Surkov and that Prokorov
721-557: A depository institution for the government. The bank acquired Soviet assets in the amount of US$ 300 to US$ 400 million. Prokhorov held the post of chairman of the board from 1992 until 1993. In 1993, Prokhorov became the chairman of the board for Potanin's Onexim Bank, which, in 1993, became the paying agent for Finance Ministry bonds and a servicing bank for the City of Moscow's external economic activities. In May 1994, Onexim Bank focused on large clients in foreign economic activity especially in
824-401: A factor in the growing potash and fertilizer use. With more money in the household budget, consumers added more meat and dairy products to their diets. This shift in eating patterns required more acres to be planted, more fertilizer to be applied and more animals to be fed—all requiring more potash. After years of trending upward, fertilizer use slowed in 2008. The worldwide economic downturn is
927-681: A jet ski in a professional stand-up achievement. In the 60 Minutes interview he stated that a backflip is his most impressive trick. In September 2009, he made an offer to buy a controlling interest in the New Jersey Nets of the National Basketball Association and half of a project to build a new arena in Brooklyn. On 11 May 2010, the NBA approved the sale of the Nets to Prokhorov, making him
1030-566: A large share of the Northwest marine shipping company. All of these enterprises were purchased by Prokhorov and Potanin for approximately one third of their estimated market value. In April 1996, Prokhorov was appointed to the Board of Directors of Norilsk Nickel (which then still belonged to the state). In November 1995, Onexim Bank won 38% of Norilsk Nickel in a loans-for-shares auction for US$ 170.1 million, US$ 100,000 (or less than 1%) higher than
1133-477: A list of athletes who took performance-enhancing drugs as part of a state-controlled program that corrupted the 2014 Winter Olympics in Sochi , Russia. The women, who were stripped of the silver medal they won as part of a relay team, are seeking $ 10 million each in damages. In April 2018, Rodchenkov, through his lawyer, Jim Walden , countersued Prokhorov under New York's anti-SLAPP law asserting that Prokhorov's suit
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#17328692004801236-426: A major success for Prokhorov as only three months later, following a dip in oil prices, a disastrous stock market crash halved the value of most Russian companies, including Norilsk. He emerged as one of the very few businessmen to have cashed out in time. However, his wealth has also been affected, as the value of his remaining interests in various companies (including Rusal and Open Investments) declined sharply, and as
1339-475: A naturally occurring mixture of potassium chloride (KCl) and sodium chloride (NaCl), more commonly known as table salt . Over time, as the surface of the earth changed, these deposits were covered by thousands of feet of earth. Potash (especially potassium carbonate) has been used in bleaching textiles, making glass , ceramic, and making soap , since the Bronze Age . Potash was principally obtained by leaching
1442-564: A study conducted between 1977 and 1987 of cardiovascular disease among potash workers, the overall mortality rates were low, but a noticeable difference in above-ground workers was documented. Potassium is the third major plant and crop nutrient after nitrogen and phosphorus . It has been used since antiquity as a soil fertilizer (about 90% of current use). Fertilizer use is the main driver behind potash consumption, especially for its use in fertilizing crops that contribute to high-protein diets. As of at least 2010, more than 95% of potash
1545-520: A then sitting but since retired U.S. Senator , owned the Milwaukee Bucks at the time). On 30 April 2012, the Nets officially made the move to Brooklyn, rebranding themselves as the Brooklyn Nets . In October 2017, reports continued to circulate that Prokhorov was moving closer to closing the sale of 49 percent of the Brooklyn Nets. On 27 October, ESPN reported that Prokhorov had agreed to sell
1648-623: A year of each other, both from heart disease when they were in their late 50s. Mikhail Prokhorov's sister, Irina, who "runs his philanthropic organizations, an erudite literary magazine, and a publishing house ... lives in a wing of his mansion west of Moscow". In 1989, he graduated from the Moscow Finance Institute . From 1989 to 1992, he worked in a management position at the International Bank for Economic Cooperation . Thereafter, he shortly served as head of management board of
1751-523: Is caustic and hygroscopic . At the beginning of 2008, potash prices started a meteoric climb from less than US$ 200 a tonne to a high of US$ 875 in February 2009. These subsequently dropped dramatically to an April 2010 low of US$ 310 level, before recovering in 2011–12, and relapsing again in 2013. For reference, prices in November 2011 were about US$ 470 per tonne, but as of May 2013 were stable at US$ 393. After
1854-512: Is a Russian oligarch and politician. He was also an owner of the Brooklyn Nets . After the collapse of the Soviet Union, Prokhorov obtained Russian state-owned metals assets at prices far below market value in Russia's controversial loans-for-shares privatization program. His company, Norilsk Nickel , became the world's largest producer of nickel and palladium . He is the former chairman of Polyus Gold , Russia's largest gold producer, and
1957-586: Is also a major producer. The Permian Basin deposit includes the major mines outside of Carlsbad , New Mexico, to the world's purest potash deposit in Lea County, New Mexico (near the Carlsbad deposits), which is believed to be roughly 80% pure. ( Osceola County, Michigan , has deposits 90+% pure; the only mine there was converted to salt production, however.) Canada is the largest producer, followed by Russia and Belarus. The most significant reserve of Canada's potash
2060-499: Is considering selling off assets including United Co. Rusal, Opin PJSC and Quadra. In January 2022, ONEXIM Group sold 82.47% of the energy company PJSC Quadra [ ru ] to a subsidiary of Rosatom State Corporation. Prokhorov owns a number of international investments. In Israel , he owns two private hospitals, where he has paid for the medical treatment of friends such as Alla Pugacheva . In March 2004, Prokhorov founded
2163-414: Is located in the province of Saskatchewan and is mined by The Mosaic Company , Nutrien and K+S . In China , most potash deposits are concentrated in the deserts and salt flats of the endorheic basins of its western provinces, particularly Qinghai . Geological expeditions discovered the reserves in the 1950s but commercial exploitation lagged until Deng Xiaoping 's Reform and Opening Up Policy in
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#17328692004802266-689: Is mined for use in agricultural purposes. Elemental potassium does not occur in nature because it reacts violently with water. As part of various compounds, potassium makes up about 2.6% of the Earth's crust by mass and is the seventh most abundant element, similar in abundance to sodium at approximately 1.8% of the crust. Potash is important for agriculture because it improves water retention, yield, nutrient value, taste, color, texture and disease resistance of food crops. It has wide application to fruit and vegetables, rice, wheat and other grains, sugar, corn, soybeans, palm oil and cotton, all of which benefit from
2369-562: Is one of the largest investors in, Sensorium Corp, a virtual reality company. At a Christmas party for the Russian nouveau riche at the French Alpine resort of Courchevel in January 2007, he was arrested on suspicion of arranging prostitutes for his guests. After three days, he was released without charge. In September 2009, Prokhorov was officially cleared from this charge and the court case
2472-601: Is particularly suitable for surface mining. It was explored in the 1960s but the works stopped due to flooding in 1967. Attempts to continue mining in the 1990s were halted by the Eritrean–Ethiopian War and have not resumed as of 2009. All commercial potash deposits come originally from evaporite deposits and are often buried deep below the earth's surface. Potash ores are typically rich in potassium chloride (KCl), sodium chloride (NaCl) and other salts and clays, and are typically obtained by conventional shaft mining with
2575-567: Is produced worldwide in amounts exceeding 71.9 million tonnes (~45.4 million tonnes K 2 O equivalent ) per year as of 2021, with Canada being the largest producer, mostly for use in fertilizer . Various kinds of fertilizer-potash constitute the single greatest industrial use of the element potassium in the world. Potassium was first derived in 1807 by electrolysis of caustic potash ( potassium hydroxide ). Potash refers to potassium compounds and potassium-bearing materials, most commonly potassium carbonate. The word "potash" originates from
2678-501: Is skimmed for the amine + KCl, which is then dried and packaged for use as a K rich fertilizer—KCl dissolves readily in water and is available quickly for plant nutrition . Recovery of potassium fertilizer salts from sea water has been studied in India . During extraction of salt from seawater by evaporation, potassium salts get concentrated in bittern , an effluent from the salt industry. Potash deposits are distributed unevenly throughout
2781-525: Is the financial twin of MFK and was also known as the ONEKSIMbank-MFK banking group which was also close to Andrey Vavilov . In 1992, at the age of 27, Prokhorov partnered with Potanin to run Interros , a holding company that they used in 1995 to effect the purchase of Norilsk Nickel , one of Russia's largest nickel and palladium mining and smelting companies. During the largely un-regulated privatization of former state-controlled industries after
2884-402: Is used for industrial water treatment and is the precursor of potassium carbonate, several forms of potassium phosphate, many other potassic chemicals, and soap manufacturing. Potassium carbonate is used to produce animal feed supplements, cement , fire extinguishers , food products, photographic chemicals , and textiles. It is also used in brewing beer , pharmaceutical preparations, and as
2987-559: The 2012 presidential elections . He took third place in these elections with 7.98% of the vote. In June 2012, he declared the establishment of a new political party called the “ Party of Civic Platform ”. He resigned his positions as Chairman of Polyus Gold and President of the ONEXIM Group to enter politics in June 2011. In August 2017, Prokhorov agreed to sell 7% of Rusal to fellow billionaire Viktor Vekselberg for $ 503.9 million. Talks between
3090-549: The Belarusian Potash Company . The latter was a joint venture between Belaruskali and Uralkali , but on July 30, 2013, Uralkali announced that it had ended the venture. Potash is water soluble and transporting it requires special transportation infrastructure. Excessive respiratory disease due to environmental hazards, such as radon and asbestos , has been a concern for potash miners throughout history. Potash miners are liable to develop silicosis . Based on
3193-560: The Bolsheviks and again under Stalin . His father, one of eight children, grew up poor, after his family "lost everything and was forced to flee from one part of Siberia and restart life in another". He has one sibling, an elder sister, Irina . On his maternal side his grandfather was Russian , and his grandmother Anna Belkina, was a Jewish microbiologist who remained in Moscow during World War II to make vaccines while her daughter Tamara
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3296-776: The Council for Mutual Economic Assistance countries. After the dissolution of the USSR , Russian and Belarusian potash producers entered into direct competition with producers elsewhere in the world for the first time. In the beginning of the 20th century, potash deposits were found in the Dallol Depression in the Musely and Crescent localities near the Ethiopean- Eritrean border. The estimated reserves in Musely and Crescent are 173 and 12 million tonnes respectively. The latter
3399-462: The Countering America's Adversaries Through Sanctions Act , CAATSA, signed into law by President Donald Trump in 2017. In May 2011, Prokhorov announced a plan to join the leadership of the Russian pro-business political party Right Cause . While not antagonistic to the Kremlin, the party was seen as likely to support President Dmitry Medvedev rather than Prime Minister Vladimir Putin if
3502-452: The MFK bank (International Finance Company) ( Russian : «Международная финансовая компания» (МФК) ) and then in 1993 the newly formed United Export-Import Bank ( Russian : "ОНЭКСИМ-банк" ) (Uneximbank; akas: Onexim Bank; Oneksimbank), with Alexander Khloponin , a friend from college, and Vladimir Potanin , to whom he was introduced by Khloponin and who became his business partner. Oneksimbank
3605-590: The Middle Dutch potaschen , denoting "pot ashes" in 1477. The old method of making potassium carbonate ( K 2 CO 3 ) was by collecting or producing wood ash (the occupation of ash burners ), leaching the ashes, and then evaporating the resulting solution in large iron pots, which left a white residue denominated "pot ash". Approximately 10% by weight of common wood ash can be recovered as potash. Later, "potash" became widely applied to naturally occurring minerals that contained potassium salts and
3708-692: The Panama Papers and Putin's son-in-law Kirill Shamalov's connections and offshore assets. Onexim offices were raided by the Federal Security Service as well as tax department officials, in April 2016. The raids were officially described as part of an investigation into another bank but the FSB reported that tax violations were discovered at "a number of commercial structures". A number of media journalists, including editor-in-chief of RBC Media, were fired after
3811-664: The Perm Krai by Green Patrol in 2010 revealed that Uralkali's sinks contained at least 16 harmful elements (including zinc and ammonium), exceeding the maximum permissible levels by 1,850 times. Furthermore, according to Green Patrol's President Roman Pukalov, Uralkali failed to fully disclose a complete list of harmful elements that it routinely rejected into the local river Kama . Roman Pukalov described Kama water as "very polluted", and declared that small rivers around Berezniki had in fact turned into brine, something he had "never seen anywhere else". On 30 July 2013 Uralkali announced that it
3914-521: The 1980s. The 1989 opening of the Qinghai Potash Fertilizer Factory in the remote Qarhan Playa increased China's production of potassium chloride sixfold, from less than 40,000 t (39,000 long tons; 44,000 short tons) a year at Haixi and Tanggu to just under 240,000 t (240,000 long tons; 260,000 short tons) a year. In 2013, almost 70% of potash production was controlled by Canpotex , an exporting and marketing firm, and
4017-477: The 2018 Winter Olympics and the stripping of medals from multiple Russian athletes, in February 2018, Prokorov agreed to finance a defamation lawsuit in New York against Grigory Rodchenkov , the former mastermind behind Russia's state sponsored Olympic doping program. The suit claims that Rodchenkov defamed three Russian biathletes — Olga Zaytseva , Yana Romanova and Olga Vilukhina — when Rodchenkov included them on
4120-449: The 49 percent to Taiwanese-Canadian businessman Joseph Tsai , co-founder and executive vice chairman of Alibaba. The stake was valued at $ 1.2 billion. On 18 September 2019, Prokhorov sold the remaining 51 percent of the Nets to Tsai. According to Dmitry Razumov , CEO of Onexim, Prokhorov's investment was less than $ 1.5 billion, and the overall sale was estimated at $ 3.5 billion, with an income of about $ 2 billion. Prokhorov controls, and
4223-485: The American news program, interviewed Prokhorov. The program alleged that: "Kremlin leaders gave him what amounts to an insiders opportunity to buy one of the state's most valuable assets. It was acquired from the Kremlin in a so-called auction for the measly sum of a few hundred million dollars in a process that even Prokhorov's business partner admits wasn't perfect, and probably not even legal under Western standards. But it
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4326-516: The Baltic to Archangelsk , Russia. In 1700, Russian ash was dominant though Gdańsk remained notable for the quality of its potash. On the Orkney islands, kelp ash provided potash and soda ash , production starting "possibly as early as 1719" and lasting for a century. The products were "eagerly sought after by the glass and soap industries of the time." By the 18th century, higher quality American potash
4429-780: The Cultural Initiatives Foundation (as part of the Mikhail Prokhorov Foundation ). It is headed by Prokhorov's elder sister, Irina , a prominent Russian publisher. At one time, he financially supported CSKA Moscow 's basketball, hockey and football clubs, and is a member of the Supreme Council of the Sport Russia organization. He serves as president of the Russian Biathlon Union. He is also an avid freeride/freestyle jet skier. He performs tricks on
4532-481: The Haas paddock during the 2024 Dutch Grand Prix weekend to valuate their assets for Uralkali to potentially seize should the company did not receive payment by 26 August. On 23 August, Haas team owner Gene Haas confirmed the team has made the payment but it was complicated by the Russian sanctions. On 26 August, Uralkali confirmed the receipt of the payment and Haas was allowed to leave the country. Potash Potash
4635-500: The Russian government needed loans to operate. Prokhorov partnered with Potanin. Their Onexim bank ran auctions for the government, in which bidders won the right to loan the Russian government money. Onexim and its affiliates were the winning bidders at the Norilsk Nickel and other auctions they conducted. The Russian government secured the loans with blocks of shares of the newly privatized state enterprises. The government never repaid
4738-528: The US and the EU. The company's production volume in 2020 was 11.3 million tonnes of KCl. As of late 2020, Uralkali employed about 12,700 people in the main production unit. The company's net revenue for 2020 amounted to $ 2,151 million, while the 2020 EBITDA was $ 1,222 million. Uralkali reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 1,704 Kt (-6.3 /-0.4% y-o-y). Uralkali
4841-456: The US$ 8.5 billion corporation Polyus Gold , Russia's largest gold producer. In 2003, he oversaw the acquisition of Stillwater Mining, his first international venture. He resigned as Norilsk CEO in February 2007 and declared his intention to separate his assets from those of long-time partner Vladimir Potanin . The two engaged in protracted negotiations to separate the conglomerate Interros , which
4944-630: The ashes of land plants. Beginning in the 14th century potash was mined in Ethiopia . One of the world's largest deposits, 140 to 150 million tons, is located in the Dallol area of the Afar Region . Potash was one of the most important industrial chemicals. It was refined from the ashes of broadleaved trees and produced primarily in the forested areas of Europe, Russia , and North America . Although methods for producing artificial alkalis were invented in
5047-530: The balance of the subsidiary Uralkali-Technology). Vitaly Lauk was appointed as CEO of Uralkali effective 4 December 2020. Since September 2017, Vitaly Lauk has been the Technical Director and member of the management board of the company. Uralkali develops the Verkhnekamskoye potassium and magnesium salt deposit, one of the world's largest. A substantial part of natural potassium salt is processed into
5150-406: The basis that the bid amount exceeded Rossiiski Kredit's charter capital (the nominal value of its outstanding shares). The auction rules required Onexim to provide any objections in advance of the auction, to give bidders time to cure them. None of the submitted bids even closely approximated the market value of Norilsk Nickel, which had annual profits of around US$ 400 million. 60 Minutes ,
5253-405: The bid starting price. At the time, Norilsk produced 25% of the world's nickel output. Onexim managed the Norilsk Nickel auction, with a reservation price of US$ 170 million. It arranged three bids from affiliates, all at US$ 170 or US$ 170.1 million. Rossiiski Kredit Bank offered US$ 355 million, more than twice the starting amount. However, Onexim disqualified Rossiiski Kredit's bid on
SECTION 50
#17328692004805356-523: The branding of its sponsor Uralkali from its cars and equipment and eventually terminated Uralkali's sponsorship contract, as well as Mazepin's driver contract, which was based on the sponsorship deal, in March. In August 2024, it was reported that Haas has to reimburse US$ 9 million to Uralkali for the cancelled sponsorship contract by a Swiss arbitrator two months prior. This resulted in Dutch bailiffs and police entering
5459-670: The cartel ended as new potash producers emerged in the USSR and Canada. In 1943, potash was discovered in Saskatchewan , Canada, during oil drilling. Active exploration began in 1951. In 1958, the Potash Company of America became the first potash producer in Canada with the commissioning of an underground potash mine at Patience Lake . As numerous potash producers in Canada developed, the Saskatchewan government became increasingly involved in
5562-423: The collapse of the USSR, Prokhorov and Potanin (the latter by then a deputy prime minister who oversaw privatization) were able acquire the shares from the workers of Norilsk Nickel for a fraction of their estimated market value and seize ownership of the company. When he departed in 2007, Prokhorov's share of the company was worth US$ 7.5 billion. Prokhorov's first major financial success came at MFK, which became
5665-413: The commercial product derived from them. The following table lists a number of potassium compounds that have "potash" in their traditional names: Most of the world reserves of potassium (K) were deposited as sea water in ancient inland oceans . After the water evaporated, the potassium salts crystallized into beds of potash ore. These are the locations where potash is being mined today. The deposits are
5768-494: The company was owned by the following Russian businessmen: Suleyman Kerimov (25%), Alexander Nesis (17.7%), Filaret Galchev (15%), and Alexander Mamut (3.5%), while all other shares were in free float. At the end of December 2013, 21.75% of the company's shares were held by Mikhail Prokhorov's ONEXIM Group, 19.99% by Dmitry Mazepin's Uralchem, 12.5% by the Chinese Chengdong Investment Corporation, and
5871-468: The company's CEO Vladislav Baumgertner after inviting him to Minsk for talks. In September 2013 he was moved from solitary confinement and put under house arrest. Uralkali insists that persecution of its employees by Belarusian officials is politically motivated. On 14 October Russia opened a criminal investigation into Vladislav Baumgertner as well, and investigators announced they will request his extradition from Belarus. In November 2013 Vladislav Baumgertner
5974-659: The company's stock in London. Uralkali, which also trades in Moscow, said it will repurchase as much as 6.5 percent of its shares from the open market by the end of March 2016. On 5 October 2016, Russian President Vladimir Putin issued an order asking the General Attorney of the Federation of Russia Yury Chaika to verify the compliance of Uralkali with the legislation governing planning works and mines filling. Results were to be presented on 1 December 2016, but as of end January 2017
6077-804: The council, which was to be chaired by then-First Deputy Prime Minister Sergei Ivanov . In July 2009, the shareholders of RBC Information Systems agreed with Prokhorov's ONEXIM Group to sell an additional 51% stake for US$ 80 million, half of which went to pay off debts. The deal was closed in 2010. Prokhorov has business interests in mining and metallurgy (Polyus Gold, Intergeo, stake in Rusal), financial services (IFC-Bank, Soglassye insurance company, half of Renaissance Capital), utilities (stake in Quadra), nanotech, media (JV!) and real estate development (Open Investments). In 2016, Onexim sold its 20% stake in Uralkrali, and
6180-522: The country. The first US patent of any kind was issued in 1790 to Samuel Hopkins for an improvement "in the making of Pot ash and Pearl ash by a new Apparatus and Process". Pearl ash was a purer quality made by calcination of potash in a reverberatory furnace or kiln. Potash pits were once used in England to produce potash that was used in making soap for the preparation of wool for yarn production. After about 1820, New York replaced New England as
6283-586: The development licences for the Ust-Yayvinsky and Polovodovsky blocks at the Verkhnekamskoye field, which contain ore reserves of 1.291 and 3.074 billion tonnes respectively. Uralkali also holds the development licence for the Romanovsky Block of the Verkhnekamskoye deposit with the estimated reserves of 385 million tonnes of sylvinite ore. In December 2010, Uralkali announced plans to buy another Russian potash producer Silvinit ; together they would form one of
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#17328692004806386-732: The duo co-owned since the 1990s, into separate holdings. In May 2007, following the decision to exit Interros , Prokhorov launched the private investment fund ONEXIM Group , with assets valued at US$ 17 billion at the time. As the separation from Interros proceeded, and as other industries caught Prokhorov's attention, the group rapidly changed its investment profile. In April 2008, Prokhorov sold his 25% plus two shares stake in Norilsk Nickel to United Company RUSAL , another mining conglomerate controlled by his fellow billionaire Oleg Deripaska , in exchange for some 14% of Rusal stock, about US$ 5 billion in cash, and additional payment obligations of US$ 2 billion. The deal has been singled out as
6489-505: The energy, telecommunications, and metallurgical sectors in exchange for loans taken from the new private sector banks owned by rich businessmen. According to the terms of the loan, the lender could stake equity ownership in the company if the government failed to repay the loans by September 1996. Auctions conducted under the "loans for shares" program were executed in such a way that only the few businessmen who owned these banks were allowed to partake in auctions. Following these bogus auctions,
6592-496: The evaporation method, hot water is injected into the potash, which is dissolved and then pumped to the surface where it is concentrated by solar induced evaporation. Amine reagents are then added to either the mined or evaporated solutions. The amine coats the KCl but not NaCl. Air bubbles cling to the amine + KCl and float it to the surface while the NaCl and clay sink to the bottom. The surface
6695-560: The extracted ore ground into a powder. Most potash mines today are deep shaft mines as much as 4,400 feet (1,400 m) underground. Others are mined as strip mines, having been laid down in horizontal layers as sedimentary rock . In above-ground processing plants, the KCl is separated from the mixture to produce a high-analysis potassium fertilizer. Other potassium salts can be separated by various procedures, resulting in potassium sulfate and potassium-magnesium sulfate. Other methods include dissolution mining and evaporation methods from brines. In
6798-567: The form of halite ), and carnalite . It supplies products (through its own trader Uralkali Trading) to over 60 countries, with the major markets including Brazil, India, China, Southeast Asia, Russia, USA, and Europe. In 2018 Uralkali produced 11.5 million tonnes of potash (KCl) In 2021, the company's revenue amounted to 269 billion rubles. Uralkali develops Verkhnekamskoye field of potassium and magnesium salts, world's second largest in terms of potash ore reserves. The company's total ore reserves total approximately 8.2 billion tonnes. Uralkali holds
6901-403: The former President of Onexim Group. As of December 1, 2021, Bloomberg Billionaires Index estimates his wealth at US$ 14.0 billion and has named him the 148th richest person in the world, while Forbes Magazine lists his wealth at US$ 11.5 billion and the 193rd richest person in the world. In 2011, Prokhorov ran as an independent candidate in the 2012 Russian presidential election . He
7004-443: The frozen Arctic region. Prokhorov invested in an innovative Finnish freighter that did not require icebreakers. Norilsk Nickel is headquartered in Moscow. Environmental and labor conditions are harsh, and pollution remains a problem; Prokhorov has invested heavily in pollution control. However, despite these efforts, the mining areas continue to suffer from a high level of pollution. He converted Norilsk's gold-mining interests into
7107-575: The industry, leading to the creation of Canpotex in the 1970s. In 1964 the Canadian company Kalium Chemicals established the first potash mine using the solution process. The discovery was made during oil reserve exploration. The mine was developed near Regina, Saskatchewan. The mine reached depths greater than 1500 meters. It is now the Mosaic Corporation's Belle Plaine unit. The USSR's potash production had largely been for domestic use and use in
7210-445: The investment division of Uralkali has also acquired 18,5% of equity capital of Uralchem from Dmitry Lobiak, Mazepin's business partner. By 2000, Dmitry Rybolovlev gained complete control over Uralkali, consolidating over 50% of the shares. By October 2006, he became chairman of the board of directors and in June 2010 owned approximately 65.5% of the company's shares. In early 2011, Rybolovlev disposed of his shares. As of April 2011,
7313-556: The key areas of development is the production of materials with ultra–tiny structures used in energy generation and medicine. As part of that focus, ONEXIM purchased Optogan in 2008. In June 2007, the Russian Prime Minister, Mikhail Fradkov , announced the formation of the Government Council for Nanotechnology, to oversee the development of nanotechnology in the country. Prokhorov was one of 15 individuals appointed to
7416-450: The late 18th century, these did not become economical until the late 19th century and so the dependence on organic sources of potash remained. Potash became an important international trade commodity in Europe from at least the early 14th century. It is estimated that European imports of potash required 6 or more million cubic metres each year from the early 17th century. Between 1420 and 1620,
7519-455: The late 19th century when large-scale production of potash from mineral salts was established in Germany . In the early 20th century, the potash industry was dominated by a cartel in which Germany had the dominant role. WWI saw a brief resurgence of American asheries, with their product typically consisting of 66% hydroxide, 17% carbonate, 16% sulfate and other impurities. Later in the century,
7622-582: The latter entered the 2012 presidential race. In June of that year, Prokhorov was elected to the leadership of the party at the Right Cause Party Congress of 2011. At the acceptance ceremony, Prokhorov officially criticized the present ruling tandem of Medvedev-Putin, the structure of Russia, and vowed to bring Russia back to a stable development course. However, in September 2011, Prokhorov reversed course and resigned from Right Cause, "condemning it as
7725-463: The loans, and, as a result, Onexim received ownership of the collateral, which was the shares in the privatized enterprises. When cash privatization eventually replaced the failing voucher privatization phase, the government came up with a scheme to leverage the privatization process and quickly raise money for its cash-strapped operations. Under the "loans for shares" program, the administration sold off majority stakes in some of its prized companies in
7828-408: The majority owner of the team with an 80% stake. He also acquired a 45% interest in the new Barclays Center sports and entertainment arena. He became the first non-North American team owner in the NBA. In December 2011, after announcing his run for the Russian presidency, the NBA confirmed that Prokhorov's ownership interest would not need to be altered in the event of his election ( Herb Kohl ,
7931-525: The majority stakes in some of the biggest Russian companies were acquired by a small number of major banks at abysmally low prices. These businessmen also bankrolled Yeltsin's 1996 presidential election victory, exerting their influence over the then president. Onexim purchased Sidanko , which was a part of the Novolipetsk metallurgical industrial complex, and also the Novorossiisk marine shipping company and
8034-472: The most important decision of my life" . According to Communist leader Gennady Zyuganov and opposition leader Boris Nemtsov , both saw the move as inspired by the Kremlin. According to Nemtsov, it was an attempt "to preserve Putin's regime ". He collected 2 million signatures needed to allow him to run for the presidency. Prokhorov said he would not base his campaign on criticism of Putin. "Criticism must make up no more than 10% ... I would like to focus on
8137-516: The most important source; by 1840 the center was in Ohio. Potash production was always a by-product industry, following from the need to clear land for agriculture . From 1767, potash from wood ashes was exported from Canada. By 1811, 70% of the total 19.6 million lbs of potash imports to Britain came from Canada. Exports of potash and pearl ash reached 43,958 barrels in 1865. There were 519 asheries in operation in 1871. The wood-ash industry declined in
8240-571: The nutrient's quality-enhancing properties. Demand for food and animal feed has been on the rise since 2000. The United States Department of Agriculture 's Economic Research Service (ERS) attributes the trend to average annual population increases of 75 million people around the world. Geographically, economic growth in Asia and Latin America greatly contributed to the increased use of potash-based fertilizer. Rising incomes in developing countries also were
8343-428: The outcome of the investigation has not been published yet. In December 2021, Uralkali bought UPI Norte, Brazilian holding and shareholder of FertGrow S.A., local major distributor of fertilizers. In December 2021, Uralkali-Invest of Uralkali made a buyback of 3,4% of equity shares of Uralchem . By the beginning of 2022, the total of 22.36% of Uralkali voting shares is on the balance of Uralkali-Invest. Before in 2021,
8446-401: The primary exporting cities for wood-derived potash were Gdańsk , Königsberg and Riga . In the late 15th century, London was the lead importer due to its position as the centre of soft soap making while the Dutch dominated as suppliers and consumers in the 16th century. From the 1640s, geopolitical disruptions (i.e. Russo-Polish War (1654–1667) ) meant that the centres of export moved from
8549-489: The primary reason for the declining fertilizer use, dropping prices, and mounting inventories. The world's largest consumers of potash are China, the United States, Brazil, and India. Brazil imports 90% of the potash it needs. Potash consumption for fertilizers is expected to increase to about 37.8 million tonnes by 2022. Potash imports and exports are often reported in K 2 O equivalent , although fertilizer never contains potassium oxide, per se, because potassium oxide
8652-462: The raid, amid rumors of pressure and opposition from the Kremlin. In June 2012, he became the leader of the Civic Platform Party . In 2015, Prokhorov resigned as leader of the party and left it. In December 2011, after the legislative elections , Prokhorov announced that he would contest the 2012 presidential election against Vladimir Putin as an independent. He called it "probably
8755-484: The rate of 60 to 100 bushels per acre (500 to 900 m /km ). In 1790, the sale of ashes could generate $ 3.25 to $ 6.25 per acre ($ 800 to $ 1,500/km ) in rural New York State – nearly the same rate as hiring a laborer to clear the same area. Potash making became a major industry in British North America. Great Britain was always the most important market. The American potash industry followed the woodsman's ax across
8858-497: The remaining payment from Rusal had to be postponed but has since been fully paid. In September 2008, ONEXIM Group acquired 50% of Renaissance Capital , a major Russian investment bank which has reportedly encountered liquidity problems. ONEXIM purchased a small bank, renaming it IFC (for the bank which Prokhorov had run in the early 1990s). One of ONEXIM Group's divisions focuses on the development of nanotechnology investing in high-technology projects such as white LEDs. One of
8961-534: The rest was in free float. On 23 December 2013, Dmitry Osipov , the former deputy board chairman of Uralchem , was appointed chief executive officer of the company. As of 7 March 2018, the shareholding structure of PJSC Uralkali was as follows: 5.23% shares were in free float, 20% were owned by Rinsoco Trading Co. Limited (registered in Cyprus and controlled by Dmitry Lobyak), 20.1% belonged to Uralchem (controlled by Dmitry Mazepin), and 54.77% were quasi-treasury shares (on
9064-404: The sectors of oil and gas, chemical and metallurgical industries. In 1994, Onexim became the depository and paying agent for Russian Treasury obligations, and in 1995, it became the authorized bank for the federal agency dealing with bankrupt enterprises. Banks holding government funds earned handsome fees and paid minimal interest at a time when inflation was in the triple digits. In the 1990s,
9167-439: The short-run and even in the long run. In addition to its use as a fertilizer, potassium chloride is important in many industrialized economies, where it is used in aluminium recycling , by the chloralkali industry to produce potassium hydroxide, in metal electroplating , oil-well drilling fluid , snow and ice melting, steel heat-treating, in medicine as a treatment for hypokalemia , and water softening . Potassium hydroxide
9270-450: The surprise breakup of the world's largest potash cartel at the end of July 2013, potash prices were poised to drop some 20 percent. At the end of December 2015, potash traded for US$ 295 a tonne. In April 2016 its price was US$ 269. In May 2017, prices had stabilised at around US$ 216 a tonne down 18% from the previous year. By January 2018, prices have been recovering to around US$ 225 a tonne. World potash demand tends to be price inelastic in
9373-449: The things I would do," he said. On 4 March 2012 presidential polling , Prokhorov gained 7.98% of the vote. According to a poll by VTSIOM , his candidacy was known by only 8% of the Russian electorate. On election day, Prokhorov said: "Initially I had no illusions that I was going to the presidential elections, which are, in fact, dishonest. Obviously, preferences were made in favor of one candidate". Following Russia's banning from
9476-460: The two had stalled earlier in the year with Prokhorov selling 3.3% via an accelerated bookbinding. In October 2017, Prokhorov and Viktor Vekselberg sold 3% of Rusal for $ 315 million in an accelerated bookbuilding. The sale of Prokhorov's 0,7% reduced his stake in the company to 6%. After selling off most of Norilsk's non-mining assets, Prokhorov moved to modernize a highly complex mining operation which required icebreakers to transport metal over
9579-446: The world's largest potash producers. The merger was finalized in June 2011, with the combined Uralkali accounting for about 20% of the world's potash production. On 9 November 2012, Chengdong Investment Corp., a unit of the sovereign wealth fund China Investment Corporation , bought bonds from the shareholders with maturation in 2014 which were exchangeable into a stake in Uralkali. Chengdong would be able to convert its investment into
9682-526: The world. As of 2015 , deposits are being mined in Canada, Russia, China, Belarus, Israel, Germany, Chile, the United States, Jordan, Spain, the United Kingdom, Uzbekistan and Brazil, with the most significant deposits present under the great depths of the Prairie Evaporite Formation in Saskatchewan , Canada. Canada and Russia are the countries where the bulk of potash is produced; Belarus
9785-493: Was a minor sponsor for Sahara Force India F1 Team and its rebranded team in 2018 season. In 2021, it was announced that Uralkali would become the title sponsor of Haas F1 Team after Nikita Mazepin , son of Dmitry Mazepin, signed with the team for the 2021 season. Uralkali also sponsors Hitech GP 's cars in the GB3 Championship . In February 2022, as a consequence of the 2022 Russian invasion of Ukraine , Haas removed
9888-564: Was dismissed. According to the French prosecutor, he had paid all expenses for the single women to travel to France, but they were not professional prostitutes or working for a prostitution agency. Prokhorov made headlines in early March 2010 when he was forced to forfeit a £36 million deposit he had placed on the £360 million Villa Leopolda in the French Riviera in 2008. Under French property law , once an initial sale contract has been signed,
9991-407: Was effectively appointed to be the party leader rather than being chosen by independently minded party members. According to them, the "puppet party" was designed to divert opposition voters by using liberal rhetoric. Prokhorov had run the Russian Biathlon Union from 2008 to 2014 and offered legal services to disqualified Russian biathletes. Prokhorov is one of many "Russian oligarchs" named in
10094-413: Was extradited to Russia and later put under house arrest. In September 2014 he was released on bail. In December 2013 Suleiman Kerimov sold his shares (21.75%) to ONEXIM Group, while Dmitry Mazepin 's Uralchem acquired 19.99%, both becoming key shareholders in Uralkali. In November 2015, Uralkali's board approved its latest share buyback program, a move that was expected to result in the delisting of
10197-603: Was increasingly exported to Britain. In the late 18th and early 19th centuries, potash production provided settlers in North America badly needed cash and credit as they cleared wooded land for crops. To make full use of their land, settlers needed to dispose of excess wood. The easiest way to accomplish this was to burn any wood not needed for fuel or construction. Ashes from hardwood trees could then be used to make lye , which could either be used to make soap or boiled down to produce valuable potash. Hardwood could generate ashes at
10300-506: Was legal in Russia". During the interview, Russian business correspondent Yulia Latynina stated about the auction of Norilsk Nickel, "Yes, it was rigged. But, it cannot be explained in normal economic terms to an outsider, especially an American. You had robber barons, we have oligarchs." In December 2011, Prokhorov capped a year of higher-profile political activity in Russia with the December declaration that he would run as an independent in
10403-557: Was moved east to safety. Dmitri Prokhorov was trained as a lawyer and handled international relations for the Soviet Committee of Physical Culture and Sport . Tamara Prokhorova was a materials engineer at the Institute for Chemical Machine-Building. As part of his job, Dmitri Prokhorov had the opportunity to travel abroad. His wife worked as an engineer for a research group at the institute specializing in plastics. They died within
10506-484: Was pulling out of the Belarusian Potash Company export JV with Belaruskali, through which it exported potash from 2005 to July 2013, and said it would sell the fertilizer on its own. This move sent shares of potash companies tumbling on speculation that potash prices would plunge. This dispute arose over foreign sales and top executives at Uralkali were accused of a criminal scheme. On 26 August Belarus detained
10609-590: Was third in voting, amassing 7.98 percent of the total vote. In June 2012, he declared the establishment of the new Russian political party called Civic Platform . In April 2022, Prokhorov immigrated to Israel and received Israeli citizenship under the Law of Return . Prokhorov was born in Moscow to Tamara and Dmitri Prokhorov. On his paternal side, his grandparents were Russians , relatively wealthy peasant farmers (known as kulaks ) who were persecuted as class enemies under
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