Russian tycoon and politician Mikhail Prokhorov planned to purchase a 21.75% stake in potash miner Uralkali from Suleiman Kerimov. This was according to a report published by Reuters.

This news was relayed to Reuters by two sources who were familiar with the matter. According to the sources, Kerimov has a controlling interest in Uralkali. He owns one-third of the potash producer, the report said.

In July, Uralkali pulled out of its marketing alliance with Belarus. This move created a negative impact in the global potash market. Since then, Kerimov has been looking to sell the business, Reuters reported.

Uralkali is a potash producer that controls its own entire production chain. The firm oversees both potash mining and the delivery of potassium chloride to its clients. The Russia-based company is the world's top potash producer in terms of output. Uralkali was founded in 2011. At present, the firm employs 11,800 workers in its main production units, according to Uralkali's company profile.