MOSCOW Nov 12 The board of directors of
Russia's Uralkali, the world's largest potash miner by
output, will consider a new share buyback programme on Tuesday,
the company said on Monday.
Uralkali launched a previous programme to buy back up to
$2.5 billion worth of stock in Oct. 2011, spending $863 million.
This summer Uralkali agreed to cancel 5 percent of its stock
held in treasury after that buyback programme.
Uralkali shares rose 1.7 percent to 234.50 roubles per share
in Moscow by 1322 GMT, outpacing a 0.39 percent increase in the
benchmark MICEX index.
Last week Uralkali's shares fell after its main owners
issued exchangeable bonds to Chinese sovereign wealth fund CIC
and VTB Capital.
The bonds can be converted into a 14.5 percent stake in
Uralkali now worth more than $3 billion, potentially extending
the resource reach of China, a major consumer of the mineral
Uralkali declined further comment on the proposed buyback.