Potash row: Belaruskali needs a lifeline | beyondbrics

Potash row: Belaruskali needs a lifeline | beyondbrics:

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Belaruskali, Belarus’s state-owned potash miner, has been badly hit by its nearly two-month-long dispute with Uralkali, its former Russian business partner. Its exports are paralysed, it has been forced to cut back its mining operations and, as a result, it is in pressing need of financial support.

That could involve debt restructuring. German Gref, chief executive of Russian bank Sberbank, told reporters on Friday that Belaruskali was in talks with the bank about a possible change to the repayment schedule of a $1bn loan agreed at the end of 2012.

“We are considering the potential possibility of changing the loan repayment schedule… There is temporarily a difficult situation, because of the cancellation of their [Belaruskali’s] agreement with Uralkali. I think the situation will gradually stabilise and they will be able to get back on track with the schedule of repayment,” Gref said."

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