Uralkali Fights to Avoid State Theft
The last time we blogged about the Russian potash mining company Uralkali, currently under siege from a possible expropriation attempt from the government, it was in the context of the clan wars. This week more details are becoming apparent after the company’s stock has crashed 30% in value on the London market, following announcements of output cuts and losses of $650 million in profits for the fourth quarter. The problems for the mining group, which was once considered one of Russia’s most attractive IPOs, are only just getting started as some familiar figures in the Kremlin are taking an unhealthy interest in a reopened safety probe.