EuroChem makes peace with its contractor

EuroChem and its former contractor Shaft Sinkers have signed a settlement agreement after three years of litigation over the construction of a potash mine at the Gremyachinskoye deposit. The chemical company demanded more than $900 million for the use of notoriously inefficient technologies and missed deadlines of the project. Terms of the settlement agreement weren’t disclosed, but lawyers believe that they must be beneficial to both parties.

EuroChem of Andrei Melnichenko has managed to settle the dispute on the Gremyachinskoye deposit with its former contractor Shaft Sinkers. All judicial and arbitration proceedings in respect of the construction company and its shareholdes - International Mineral Resources BV- are terminated or revoked. The parties don’t disclose the terms of the settlement agreement. Sources of the Kommersant on the market state that EuroChem will receive from the contractor "much less than it claimed in court".

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