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Potash News

Premier signs definitive agreement with Ethiopian Potash Corporation

By: Natalie Greve     22nd April 2013 Aim-quoted Premier African Minerals has now signed a definitive agreement with TSX-listed Ethiopian Potash Corporation (EPC) for the sale of Premier's Mali subsidiary, G and B African Resources Mali. This announcement followed the signing of a memorandum of understanding between the... 

Stonegate Agricom converts Idaho exploration rights to mining rights

By: Henry Lazenby     18th April 2013 Phosphate project developer Stonegate Agricom has successfully converted exploration permits for its Paris Hills phosphate project, in Idaho, to mineral leases, the first in a series of state permitting approvals required before the company could underground phosphate mining at the property.... 

MBAC Fertilizer secures $51.7m in bought deal financing

By: Henry Lazenby     16th April 2013 Latin America-focused phosphate and potash junior MBAC Fertilizer has closed a bought-deal financing for gross proceeds of about $51.7-million. The company said the net proceeds of the offering were intended for use to complete the Itafós phosphate project, in the heart of Brazil’s fertile... 

Prospective SOP producer on schedule to complete PFS by midyear

By: Henry Lazenby     11th April 2013 TSX-V-listed EPM Mining Ventures on Thursday said a prefeasibility study (PFS) probing the potential to produce sulphate of potash (SOP) from its Sevier Playa project, in south-western Utah, was progressing apace, and was expected to be complete by midyear. The PFS, being undertaken by... 

Agrium Shareholders re-elect all 12 Agrium board nominees

By: Henry Lazenby     9th April 2013 All 12 of Canadian fertiliser producer Agrium’s nominees for the board were re-elected at the company’s annual general meeting on Tuesday afternoon, closing the door to shareholder Jana Partners to win a spot and lobby for its own agenda to be implemented. This for now ended a bitter proxy war... 

High noon approaches for Agrium and Jana Partners proxy fight

By: Henry Lazenby     8th April 2013 New York-based hedge fund Jana Partners on Monday said it believed it had received enough votes to get two of its five nominees elected to the board of Canadian fertiliser producer Agrium at the company's annual general meeting (AGM) on Tuesday. Jana and Agrium had been at loggerheads in a bitter... 

Encanto Potash closes $2.7m private placement

By: Henry Lazenby     2nd April 2013 Vancouver-based Encanto Potash on Tuesday said it had completed a $2.7-million private placement, which saw a director of the company partaking in a significant portion of the offer. Hamad Al-Wazzan bought 7.35-million of the 7.95-million new shares issued and sold, at 34c a piece, which brought... 

African Potash records profit after Patagonia acquisition

By: Idéle Esterhuizen     28th March 2013 Aim-listed African investment company African Potash has incurred a pre-tax profit attributable to equity holders of $1.2-million for the six months ended December 31, compared with a loss of about R1-million in the equivalent 2011 period. This followed the completion of the company’s acquisition... 

Canada supports development of first ever on-reserve potash mine

By: Henry Lazenby     20th March 2013 The Canadian federal government and the Muskowekwan First Nation on Tuesday announced the Muskowekwan First Nation potash project had been accepted by the federal government under the First Nations Commercial and Industrial Development Act (FNCIDA), which enables the federal government to enact a... 

Karnalyte Resources’ Saskatchewan project most likely to secure financing

By: Henry Lazenby     19th March 2013 Analysts observing the Saskatchewan potash industry seem to agree that junior project developer Karnalyte Resources is most likely to secure financing for the first phase of its C$626-million Wynyard potash project this year. In announcing its 2012 year-end results, Karnalyte on Tuesday... 

Park authority requests further info – Sirius Minerals

By: Natalie Greve     15th March 2013 Prior to granting planning approval for Aim-listed Sirius Minerals’ York potash project, in the UK, the North York Moors National Park Authority (NYMNPA) and its specialist consultants have requested additional information, the company reported on Friday. The requested information centred on... 

Passport Potash announces low-cost metrics for flagship Arizona project

By: Henry Lazenby     13th March 2013 Canada’s Passport Potash on Wednesday announced results of a preliminary economic assessment (PEA), which placed a $3.25-billion pretax net present value (using a 12% discount rate) on its Holbrook Basin potash project, in Arizona. Passport said the capital cost (capex) of $1.95-billion for a... 

CRU’s Burnside warns of potash overcapacity and oversupply

By: Simon Rees     8th March 2013 Canada’s potash sector is a leviathan in the nation’s mining industry; it accounted for almost 30% of global supply during 2011, with the value of production that year reaching $7.97-billion, according to the Mining Association of Canada. The province of Saskatchewan produces almost all of this... 

Karnalyte closes private placement, offtake with Indian company

By: Henry Lazenby     8th March 2013 Saskatchewan-focused potash project developer Karnalyte Resources has closed a $44.7-million private placement with Indian firm Gujarat State Fertilizers & Chemicals (GSFC), which was first announced in January, giving it access to one of the world’s largest potash markets. Karnalyte had issued... 

Mining to be Ethiopian economic backbone as Allana outlines progress 

By: Simon Rees     7th March 2013 Sub-Saharan Africa was at the fore of the Prospectors and Developers Association of Canada’s 2013 show, with projects from West, Central and Southern Africa firing the imagination of many delegates and even grabbing several headlines. One region worthy of close attention is Ethiopia. The wars... 

Karnalyte gets environmental nod for Saskatchewan project

By: Henry Lazenby     11th February 2013 Saskatchewan-focused project developer Karnalyte Resources on Monday achieved a critical milestone with the Saskatchewan Ministry of Environment (MoE) approving the environmental-impact statement (EIS) for the company’s flagship Wynyard carnallite project. This is expected to pave the way to... 

Potash cartel announces Indian supply contract

By: Henry Lazenby     9th February 2013 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... 

MBAC Fertilizer closes $34.5m financing

By: Henry Lazenby     7th February 2013 Toronto-listed MBAC Fertilizer has closed a $34.5-million equity financing, including the full amount of the overallotment option. The company had issued 10.14-million common shares, including those issued in the exercise of the overallotment option, sold at a price of $3.40 a share.  

Coal being 'strategic' mineral will not discourage export-price-reliant miners

By: Martin Creamer     30th January 2013 The declaration of coal as a strategic resource will continue to allow private participation and exports, says Mineral Resources Minister Susan Shabangu. Coal’s strategic role will be formulated within the Minerals and Petroleum Resources Development Act (MPRDA) and its implementation will also... 

Premier African Minerals signs MoU for sale of Mali subsidiary

By: Natalie Greve     30th January 2013 Aim-quoted multicommodity resource company Premier African Minerals entered into a nonbinding memorandum of understanding (MoU) with Ethiopia-focused potash company Ethiopian Potash Corp (EPC) for the sale of its Mali subsidiary, G and B African Resources Mali, the company said on Wednesday. The... 

African Potash to acquire stake in Congo exploration project

By: Creamer Media Reporter      29th January 2013 Aim-listed investment company African Potash, re-entered an agreement to acquire an indirect 70% interest in La Societe des Potasses et des Mines (SPM), which holds the exploration rights for potash salts over the Lake Dinga project in the Republic of Congo. The investment company would acquire... 

World interest in Canada's minerals and metals at record high – report

By: Henry Lazenby     21st January 2013 World interest in Canadian minerals and metals reached a record high in 2011 as measured by exploration spending, the Mining Association of Canada's (MAC’s) new 'Facts & Figures 2012' report has found. Exploration investment in Canada reached C$3.9-billion in 2011, with spending for 2012... 

IC Potash expands New Mexico land package

By: Henry Lazenby     17th January 2013 New Mexico-focused IC Potash (ICP), which is developing the Ochoa polyhalite potash project, on Wednesday said it had secured another 774.5 ha of land in Lea county, from the New Mexico state land office, increasing its total state lease and federal permit holdings in the region to about 41 075.5... 

Mosaic earnings down on lower prices, market improvement expected

By: Henry Lazenby     10th January 2013 The world’s largest phosphate fertiliser producer Mosaic has reported a 16% decline in net sales during its second fiscal quarter 2013, driven by lower phosphate and potash volumes and lower phosphate prices. The Plymouth, Minnesota-based company reported second quarter 2013 net earnings of... 

Karnalyte Resources inks Indian investment and offtake agreement

By: Henry Lazenby     10th January 2013 Canadian potash project developer Karnalyte Resources has inked a $45-million investment and a 20-year offtake agreement with an Indian fertilizer firm, placing it closer to direct competition with some of the world’s largest potash firms. India-based Gujarat State Fertilizers & Chemicals (GSFC)... 

Higher ferrochrome price fix lifts Merafe share price

By: Martin Creamer     19th December 2012 The share price of the South African black-owned ferrochrome producer Merafe Resources rose here on the announcement of a 2% higher ferrochrome price settlement. The European benchmark ferrochrome price of $1.125/lb for the first quarter of 2013 is up on the $1.10/lb price for the fourth quarter... 

Atlantic Canada’s economy set to improve in 2013 – RBC Economics

By: Henry Lazenby     13th December 2012 Unexpected production disruptions and delays across Atlantic Canada slowed economic growth this year, but the region is well positioned to see this improve next year, the latest RBC Economics 'Provincial Outlook', issued today, has found. RBC notes that maintenance shutdowns at offshore oil... 

Lithium Americas gets thumbs up for Argentina lithium/potash project

By: Henry Lazenby     12th December 2012 Project developer Lithium Americas on Wednesday said it has received the final government decree to begin construction of its Cauchari-Olaroz lithium/potash project, in the Puna Plateau, Argentina, where over 80% of the world’s lithium brine reserves are reportedly located. The company said the... 

Stonegate feasibility study places $477.5m NPV on Idaho project

By: Henry Lazenby     10th December 2012 TSX-listed Stonegate Agricom on Monday reported results of a feasibility study for developing an underground mine in the Lower Phosphate zone of its fully owned Paris Hills phosphate project, in Idaho, placing a $477.5-million net present value on the project. The feasibility study built on the... 

Verde Potash completes process testwork

By: Henry Lazenby     4th December 2012 TSX-listed Verde Potash has completed a four-week processing trial at rotary kiln provider FLSmidth, during which 42 t of ore was processed to fine-tune the potassium chloride (KCl) production process that would be used at the company’s Cerrado Verde project, in Brazil. The testing allowed for... 

Karnalyte opens contractor’s office at Saskatchewan project

By: Henry Lazenby     31st October 2012 Potash junior Karnalyte Resources on Wednesday officially opened the contractors’ office at its Karnalyte property, near Wynyard, Saskatchewan, in anticipation of the start of construction activity. CFO Ron Love told Mining Weekly Online that the company was now gearing up for serious... 

Potash Corp Q3 earnings drop on lower offshore sales

By: Henry Lazenby     25th October 2012 Saskatchewan-based Potash Corp posted a 21% drop in third-quarter earnings as record third-quarter North American potash sales volumes were offset by an offshore sales decline. The world’s biggest potash producer on Thursday reported earnings for the quarter ended September 30 of $645-million or... 

Verde Potash to capitalise on Brazil’s growing global food production

By: Henry Lazenby     19th October 2012 The development of Brazil into what could very well be the world’s food basket for numerous generations to come, augured well for TSX-listed Verde Potash, which is developing the largest potash mine in the country, to fulfil the country’s growing crop-nutrients requirements. The company was busy... 

Mosaic profit dives on low phosphate sales

By: Henry Lazenby     2nd October 2012 The world’s largest fertiliser producer Mosaic on Tuesday reported an 18% drop in profit for the first quarter of the 2013 financial year, as a result of weak phosphate sales and droughts in key food-producing regions. Mosaic reported net earnings of $429-million or $1.01 a share for the quarter... 

IC Potash confirms long-term water supply for New Mexico project

By: Henry Lazenby     11th September 2012 Toronto-listed IC Potash (ICP), developing the Ochoa project in New Mexico, on Tuesday said a water supply study has confirmed an aquifer’s ability to sustainably supply the project's water needs. The test successfully demonstrated the desired pumping capacity of two wells drilled earlier this... 

Karnalyte Resources signs EPCM agreement for Saskatchewan project

By: Henry Lazenby     6th September 2012 Canadian potash project developer Karnalyte Resources on Thursday said it had signed an engineering, procurement and construction management (EPCM) agreement with Foster Wheeler Canada to provide EPCM services for the Wynyard carnallite project, located in Canada’s Saskatchewan province. The... 

BHP Billiton shuts silicomanganese plant, impairment tests aluminium 

By: Martin Creamer     22nd August 2012 Diversified miner BHP Billiton has shut its Metalloys silicomanganese plant in Meyerton “permanently” and confirmed that its South African aluminium assets have been subjected to impairment testing. With the outlook for energy coal also clouded, the latest presentation of BHP Billiton for the... 

Sprott closes $7.5m financing with Idaho phosphate developer

By: Henry Lazenby     21st August 2012 Strategic lending firm Sprott Resource (SRC) on Tuesday said it had closed a $7.5-million deal with phosphate project developer Stonegate Agricom to assist it with environmental permitting activities at its Paris Hills phosphate project, in Idaho. Stonegate said in July that it was in need of... 

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