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planned to supply 11.5 million mt of KCl to maintain its global market share, which accounted for 19% in 2014. The company's current investment strategy will gradually restore produc- tion capacity to 11 million mt of KCl in 2016 and 12 million mt by 2018. Market analysts believe that in general this forecast seems too pessimistic, and the company probably will raise them again. "With the second quarter of this year, we see that the Uralkali managed to almost fully restore the production at Solikamsk No. 2," said Elena Sahnova an analyst from VTB Capital. "The inflow of salt brine has stabilized." At the same time, Uralkali also is not rushing to raise the production fore- cast and probably will not do it until the end of the year, or at least the end of the negotiations on the price for sup- plying KCl to China. The average price currently stands at $315/mt and bring- ing more product to market would only cause prices to soften. New Investment for Growth The company's new development strat- egy launches new capacities to bring an additional 3.8 million mt/y of KCI online by modernizing operational facilities, which will let Uralkali boost their output by another 1.4 million mt/y. One of the more important parts will be the $723 million Solikamsk No. 2 reconstruction project. Many of the relevant projects were launched in 2015 and they involve construction of a new mine with two shafts by 2020 with a capacity of 2.3 million mt/y of KCl. The object is to safely mine the remaining Solikamsk No. 2 reserves, which are estimated at 86 million mt of KCl. At the same time, by 2018, the company will lose part of its production capacity as resources are exhausted at Berezniki No. 2. Production at this mine will decrease and gradually cease in the near term, resulting in a 2-mil- lion-mt/y KCl production loss. Uralkali plans to expand the Solikamsk No. 3 mine. The project in- volves completion of cargo and venti- lation Shaft No. 4 with two hoist machines. During Soviet times, Shaft No. 4 was sunk to the depth of 356 m. Uralkali plans to sink the shaft further to 481 m. Once Shaft No. 4 is com- plete, a pit-bottom paddock and load- ing complex will be constructed, along with a set of modern conveyors both underground and on the surface to transport potash. The Solikamsk No. 3 project should increase production capacity by 600,000 mt by 2017- 2018 with an overall investment of $135 million. The biggest project for Uralkali, however, is the development of the Ust-Yayvinsky block of the Verkhnekamskoye deposit, which includes the construction of a new mine with two shafts. Uralkali has decreased its original timeline for implementation of this project by one year. The deadline for the commission- ing of the first stage of the complex has shifted from 2017 to 2016. The overall capacity of Ust-Yayvinsky is 2.5 million mt/y of KCl. With an estimated 40 E&MJ; • DECEMBER 2015 www.e-mj.com U R A L K A L I Russian potash miners test the new Ural-360 combine. Uralkali is also making significant investments in its refining capacity.