PhosAgro is Europe’s largest producer of phosphate-based fertilisers, the world’s largest producer of high-grade phosphate rock and the world’s second largest producer of MAP and DAP (the two main phosphate fertilisers).

The group’s products are essential for plant growth and animal nutrition and it exports widely to farming industries in the Americas, Europe and Asia. The company has 10,000 employees and, in 2018, reported a group revenue of $3.7bn and operating profit of $861m.

PhosAgro shares are traded on the Moscow Stock Exchange and it has a secondary listing in London. The company’s market capitalisation is around $5bn.

When Mr Gorbachev took over PhosAgro’s predecessor company, Apatit, in the 1990s, it was on the verge of bankruptcy. By 1998, it was debt-free, allowing Mr Gorbachev to create the new entity, PhosAgro, the following year.

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