Potash cartel announces Indian supply contract
TORONTO (miningweekly.com) – Canpotex, the market cartel of Canada’s biggest potash miners – Potash Corp, Mosaic and Agrium – announced a new deal with the Indian government and private sector customers to supply about 1.1-million tons of potash for shipment up to January 2014.
Under the agreement, the companies would ship potash at a price of $427/t on a cost and freight basis.
Canpotex president and CEO Steven Dechka said this agreement demonstrated the importance Canpotex places on the Indian market.
"We are very pleased to sign supply contracts with our long-term Indian customers, and to continue our history of being a leading supplier to this important market. We look forward to meeting India's future, growing potash needs in collaboration with our Indian partners,” Dechka said.
Dechka also said Canpotex would continue to collaborate with its Indian customers to implement new market development programmes in India, designed to provide Indian farmers with the educational tools needed to improve yields through balanced fertilisation and best management practices.
Canadian potash project developer Karnalyte Resources early in January inked a $45-million investment and a 20-year offtake agreement with an Indian fertilizer firm, which placed it closer to direct competition with some of the world’s largest potash firms.
India-based Gujarat State Fertilizers & Chemicals (GSFC) had settled on an offtake agreement which would see GSFC buy about 350 000 t/y of potash from Phase 1 of Karnalyte's Wynyard carnallite project, increasing to 600 000 t/y when Phase 2 starts production.
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