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Potash News

Potash Corp hikes dividend

By: Matthew Hill     26th January 2012 Potash Corp, the biggest fertiliser-maker, on Wednesday said it is increasing its quarterly dividend by 100% to $0.14 a share, having also doubled the payout a year ago. CEO Bill Doyle said the increase “reflects the confidence we have in the drivers of our business”, despite the fact that the... 

Ups and downs for potash juniors

By: Matthew Hill     11th January 2012 Two Canadian potash juniors had differing fortunes on the Toronto bourse Wednesday morning, with Allana Potash plunging 15% after announcing a $20-million private placement the previous day, while Verde Potash gained 5% after more than doubling the inferred resource at its Brazilian project.... 

Mosaic CEO strikes cautious note on outlook

By: Matthew Hill     5th January 2012 Fertiliser-maker Mosaic Company said on Wednesday second-quarter profit fell around 37% to $624-million, mainly because year-ago results benefitted from of the sale of its Fosfertil business. Stripping out that $570-million one-time gain, the company’s profit for the period rose 37%. 

Potash Corp shares dip on grain prices, brokerage rating

By: Reuters     4th January 2012 Shares of Canadian fertilizer maker Potash Corp fell roughly 2.5 percent on Wednesday after a dip in grain prices and a bearish view from a brokerage firm. National Bank analyst Robert Winslow initiated coverage of Saskatoon, Saskatchewan-based Potash Corp with an 'underperform' rating on... 

PotashCorp, Mosaic reach settlement in Esterhazy dispute

By: Matthew Hill     8th December 2011 PotashCorp and Mosaic have reached an agreement in a dispute over supplies of the crop nutrient from the Esterhazy mine, near Manitoba’s border with Saskatchewan, the companies said on Thursday. Mosaic had in May said it would stop selling production from the mine to the world’s biggest potash... 

K + S OKs C$3.35bn Sask. potash mine

By: Matthew Hill     29th November 2011 German fertiliser-maker K + S Aktiengesellschaft on Tuesday hiked the capital costs of its Legacy potash project in Saskatchewan by 30% to C$3.25-billion, as it envisaged a bigger, 2.86-million t/y mine. K+S bought the Legacy project through its C$434-million year-ago acquisition of Potash One,... 

Allana outlines funding plans for Ethiopian potash project

By: Matthew Hill     23rd November 2011 Allana Potash, which announced on Tuesday that its Danakhil project in Ethiopia would cost around $800-million to build, told investors it aimed to raise nearly $500-million of this from development agencies. CEO Farhad Abasov said the company benefitted from the project being in one of the... 

Allana unveils positive PEA for Ethiopian potash project

By: Matthew Hill     23rd November 2011 Allana, the company that owns a potash project in Ethiopia, on Tuesday said an independent early assessment gave the asset an after-tax net present value of $1.85-billion, and a 36.8% internal rate of return. The preliminary economic assessment (PEA) predicted it would cost $796-million to build... 

Vale's Murilo replaces CFO in major management reshuffle

By: Matthew Hill     22nd November 2011 Six months after taking up the chief executive’s role at the world’s second-biggest mining company, Murilo Ferreira has embarked on a management shakeup that will see three executives replaced. The company said on Monday Humberto Freitas would join the executive team as the person in charge of... 

IC Potash prefeas outlines low cost operation at Ochoa

By: Matthew Hill     16th November 2011 Toronto-based IC Potash on Tuesday announced the positive results of a prefeasibility study for its Ochoa project in New Mexico, which described an 843 000 t/y operation that will cost $706-million to build. The study gave Ochoa a $1.3-billion after-tax net present value, pegging operating costs... 

Agrium profit surges but shares slip

By: Reuters     3rd November 2011 Agrium reported a more than threefold increase in its quarterly profit on Thursday on gains in its retail business, but its shares fell 2% as sales volumes at its wholesale fertilizer business were weaker than expected. Calgary-based Agrium said its retail business was lifted in the third... 

Western Potash gets positive prefeas study

By: Matthew Hill     1st November 2011 Toronto-listed Western Potash Corp on Monday unveiled the results of a prefeasibility study at its Milestone project in Saskatchewan, outlining 2.8-million t/y operation that would cost $2.7-billion to build, including port facilities. The news sent the Vancouver-based firm’s shares 4.6% higher... 

Doyle undaunted on potash demand, prices amidst global economic fears

By: Matthew Hill     27th October 2011 While other commodity prices tumbled dramatically over the past month, Potash Corp. CEO Bill Doyle said the market for his company’s namesake product would be “extraordinarily tight” next year, and prices would increase “substantially”. “You’re going to see very tight potash markets in 2012..the... 

Western Potash hoping for strategic partner by year end

By: Matthew Hill     27th October 2011 Western Potash, which has soared 80% on the TSX this month, said late on Wednesday it is not in formal takeover talks, and hopes to announce a strategic partner for its Milestone project in Saskatchewan by the end of the year. Corporate development John Costigan VP said in an interview that... 

Aecon wins $80m contract at potash project

By: Matthew Hill     26th October 2011 Canada’s biggest publicly traded construction firm Aecon won an $80-million contract to for site preparation and early works at a new potash mine in Saskatchewan, believed to be BHP Billiton’s massive Jansen Lake project. The work includes site grading, construction of temporary roads,... 

Western Potash leaps 17%, sparking acquisition rumours 

By: Matthew Hill     25th October 2011 Shares in Western Potash Corp, hoping to mine the fertiliser ingredient in Saskatchewan, bounded 17% higher in Toronto on Tuesday, prompting speculation a takeover may be on the cards following the imminent release of its Milestone project's prefeasibility study. Vancouver-based Fundamental... 

Feasibility study in hand, Karnalyte turns focus to financing

By: Matthew Hill     25th October 2011 Shares in potash hopeful Karnalyte Resources hit a new high on Monday, after the company published a positive feasibility study for its Wynyard project in Saskatchewan, outlining a 625 000 t/y mine with initial output in 2014, costing just under $600-million to build. BMO analyst Joel Jackson... 

Stonegate 'quietly confident' on phosphate pricing

By: Matthew Hill     13th October 2011 Stonegate Agricom, hoping to build a phosphate mine in south-western Idaho, said that food prices should stay strong despite economic growth fears, which would sustain prices for the fertiliser ingredient. “We’re quietly confident that food prices are going to remain stable. There will be some... 

North Atlantic sells potash claims to Chinese firm for $110m

By: Matthew Hill     30th September 2011 Two days after having announced a joint venture (JV) agreement with transnational miner Rio Tinto, North Atlantic Potash said on Friday it had sold eight exploration properties in Saskatchewan to China’s Yancoal Canada Resources for $110-million. The company said the sale provided it with the... 

BHP Billiton aggressively pushing forward at potash projects

By: Matthew Hill     29th September 2011 Mining heavyweight BHP Billiton is “aggressively” pursuing potash projects in Saskatchewan along with its Jansen asset, the company said on Wednesday. “Although these are at an early stage, the data acquired suggests they have the ability to support significant potential developments,”... 

Allana adopts poison pill, shares rise

By: Matthew Hill     27th September 2011 Shares in Allana Potash charged 12% higher on the TSX after the company, which has a project in Ethiopia, said it adopted a shareholders rights plan and was talking to “various strategic parties”. Allana added it was not responding to any specific potential take-over bid in adopting the poison... 

Rio Tinto gets back into potash through Canadian JV

By: Matthew Hill     27th September 2011 Diversified major Rio Tinto has re-entered the potash business, having agreed to team up with a division of Russia's Acron, a fertiliser producer, to hunt for the crop nutrient in Saskatchewan. The Anglo-Australian miner, which will manage exploration and development of the joint venture, said... 

Mosaic profit misses, pushing shares sharply lower

By: Reuters     24th September 2011 Fertilizer producer Mosaic Co (MOS.N) posted a preliminary quarterly profit that fell short of expectations due to higher costs, pushing its shares down more than 4 percent in premarket trading. For the first fiscal quarter ended August 31, Mosaic reported net income of $526 million, or $1.17... 

No 2008 repeat, analysts say of falling commodities

By: Matthew Hill     24th September 2011 Financial journalists around the world have been dusting off all the old clichés they wore out as the 2008 collapse unfolded, with headlines of “bloodbaths” and “meltdowns” accompanying tired depictions of desperate traders holding their heads in horror. Mining Weekly Online on Friday spoke to... 

BC regulator questions Passport Potash's disclosures

By: Matthew Hill     12th September 2011 Shares in Passport Potash fell 15% on Monday, after the British Columbia Securities Commission (BCSC) wrapped it over the knuckles for certain of its disclosures relating to its Holbrook project in Arizona. Issues that the regulator took with the TSX V-listed junior’s disclosures included using... 

Potash Corp, Mosaic agree to phosphate price hike with India

By: Matthew Hill     2nd September 2011 Fertiliser companies Potash Corp and Mosaic on Thursday said they agreed with two Indian customers to raise the price of diammonium phosphate by about 10% to $677/t, owing to “strong market conditions”. The agreement is for around one-million tons of the crop nutrient, and is part of a... 

Potash junior Karnalyte rises on big resource boost 

By: Matthew Hill     1st September 2011 Shares in TSX-listed Karnalyte Resources rose 4.5% to a new record on Thursday, after the potash explorer increased the resource at its Wynyard project in Saskatchewan more than three-fold to 201.3-million tons. BMO Capital Markets analyst Joel Jackson said in a research note this would be... 

Potash prices could beat $650/t by end 2012

By: Matthew Hill     31st August 2011 As the supply-demand equation for potash continues to tighten, prices will continue to climb, analysts said on Tuesday, with one predicting they may even top $650/t by the end of next year. “The average spot price of potash should climb to at least $650/t by late 2012 – perhaps higher,”... 

Canada's mines to get $130bn in investments by 2016 - MAC

By: Matthew Hill     25th August 2011 Companies will invest some $130-billion in Canadian mines over the next five years, as burgeoning commodity demand creates opportunities “not seen since the post-war boom of the 1950's”, an industry lobby group said on Thursday. “Multi-billion dollar investments are planned in virtually every... 

IC Potash courts partners for New Mexico project

By: Matthew Hill     24th August 2011 TSX-listed IC Potash is in talks with “quite a few” companies to partner on its Ochoa project in New Mexico, and hopes to have an agreement penned within the next 12 months, CEO Sidney Himmel told Mining Weekly Online. The company aim to complete a prefeasibility study on the potential mine in... 

MagIndustries pens loan agreement with majority shareholder

By: Matthew Hill     24th August 2011 Potash hopeful MagIndustries said on Tuesday its 77% shareholder, China’s Evergreen Resources, had agreed to loan it C$50-million, and that Longbo Chen had joined as co-CEO, with Ren Zhao becoming co-CFO. Evergreen in July bought 77% of MagIndustries after having bid for all of the company’s... 

Study pegs Encanto's potash project capital at $2.4bn for 2.5Mt/y mine

By: Matthew Hill     18th August 2011 TSX V-listed Encanto Potash on Thursday announced the results of a preliminary economic assessment of its Muskowekwan project in Saskatchewan that outlined a 2,5-million ton a year operation that would cost an estimated $2,4-billion to build. The study considered both solution mining and... 

Former UraMin team to list Congo potash project on TSX

By: Matthew Hill     12th August 2011 Australia-listed Elemental Minerals, which owns the Sintoukola potash project in the Republic of Congo (Brazzeville), said on Thursday it aims to list on the TSX August 16 in a C$53-million initial public offering. BMO Capital Markets and Renaissance Capital will lead the syndicate of... 

Allana names new chair, applies for TSX listing

By: Matthew Hill     10th August 2011 Allana Potash, hoping to produce the crop nutrient at its project in Ethiopia, has appointed Mark Stauffer as independent chairperson, and has applied to move its listing up to the TSX main board, it said on Wednesday. Stauffer was previously president of the Potash and Phosphate Institute of... 

Canadian government collected 65% more revenue from mining firms in 2010 - MAC

By: Matthew Hill     5th August 2011 Mining companies are expected to invest more than $116-billion in Canada over the next five years, an industry body said on Thursday. The Mining Association of Canada (MAC) said that the sector injected $8.4-billion into federal, provincial and territorial governments’ coffers in 2010 by way of... 

Finally, a deal between Canpotex and India

By: Matthew Hill     3rd August 2011 It would appear, borrowing Potash Corp CEO Bill Doyle’s analogy, that India’s potash buyers have managed to catch their tail. Agrium CEO Mike Wilson on Wednesday said that Canpotex, the marketing cartel for Canada’s three biggest producers of the crop nutrient, had struck a deal to supply India... 

Vale hits record $6.4bn Q2 profit as production and prices rise

By: Matthew Hill     29th July 2011 The world’s biggest iron-ore miner, Vale, reaped a record $6.4-billion in net earnings for the second quarter, a 74% rise on the same period in 2010, and announced a $3-billion share buyback and an equal sum in dividends on Thursday. The buyback and distribution follow the miner’s June decision... 

India chasing its tail in price talks - Potash Corp's Doyle

By: Matthew Hill     28th July 2011 Potash Corp CEO Bill Doyle on Thursday took another swipe at the Indian government’s hard-nosed negotiating stand on prices for supplies of the crop nutrient, calling the situation a “tragedy” and likening it to a “dog chasing its tail”. The company, which posted record second-quarter profits on... 

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