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Potash News

Hearing set for BHP application on Potash poison pill

By: Liezel Hill     26th October 2010 The Saskatchewan Financial Services Commission has scheduled a hearing on November 8 to consider BHP Billiton's application to suspend takeover target Potash Corp of Saskatchewan's shareholder rights plan. Potash Corp adopted the shareholder rights plan in August after turning down an initial... 

Sask Premier Wall throws 'branch office' comments back at BHP

By: Liezel Hill     25th October 2010 Brad Wall, the Premier of Saskatchewan, ramped up his campaign against BHP Billiton's hostile takeover of Potash Corp of Saskatchewan on Monday, repeating calls for the federal government to block the deal. Wall also put out a news release citing statements made in 2008 and 2009 by Don Argus,... 

BHP maintains 'net benefit' of Potash deal; Sask unconvinced

By: Liezel Hill     20th October 2010 The government of Saskatchewan continued to indicate on Wednesday that it will likely oppose BHP Billiton's offer for Potash Corp of Saskatchewan, despite assurances from the company that it will mitigate revenue loss to the province if the takeover is allowed. Saskatchewan Premier Brad Wall... 

Potash Corp evaluates 'several alternatives'

By: Liezel Hill     13th October 2010 Potash Corp of Saskatchewan, which is the subject of a hostile takeover offer from BHP Billiton, is "evaluating several alternatives", the company said on Wednesday. Potash Corp has rejected BHP's $130 a share offer as too low, and has said it is confident a rival bidder will emerge. 

Benefits of Jansen project would outweigh deferred tax – BHP

By: Liezel Hill     8th October 2010 The benefits to Saskatchewan from the construction and operation of the province's first new potash mine in four decades would offset the negative implications of deferred tax payments, mining giant BHP Billiton said on Thursday. The company was responding to a report by the Conference Board of... 

Report understates revenue loss post BHP takeover – Potash Corp

By: Liezel Hill     5th October 2010 A report on the risks and benefits to the province of Saskatchewan in the event of a potential takeover of Potash Corp of Saskatchewan “understates” the revenue that would be lost if BHP Billiton succeeded in its attempt to buy the company, Potash Corp said in a regulatory filing. The authors of... 

BHP Potash offer less concerning than Chinese buyer - report

By: Liezel Hill     4th October 2010 Saskatchewan could receive C$2-billion less in tax revenues over the next ten years if BHP Billiton buys fertiliser products giant Potash Corp, according to a report commissioned by the Canadian province. But the report by the Conference Board of Canada notes that there are “few” other negative... 

Vale boosts holding in fertiliser unit for $1,03bn

By: Liezel Hill     30th September 2010 Rio de Janeiro-based Vale increased its holding in fertiliser company Vale Fertilizantes, to 78,9%, the group announced on Wednesday. Vale paid Minnesota-based Mosaic Company $1,03-billion for a 20,27 stake in the equity capital of Vale Fertilizantes, which corresponds to 27,27% of the unit's... 

BHP gets early termination on US waiting period for Potash bid

By: Liezel Hill     24th September 2010 BHP Billiton has been granted early termination by the US Federal Trade Commission and the Antitrust Division of the Department of Justice of the mandatory waiting period for the company's offer to buy Potash Corp of Saskatchewan, the firm said on Thursday. BHP Billiton has offered $130 a share... 

Potash lawsuit won't be 'major hurdle' for BHP bid – Liberum

By: Liezel Hill     23rd September 2010 A lawsuit filed by Potash Corporation of Saskatchewan against BHP Billiton is not likely to be a “major hurdle” to the bigger company's hostile $40-billion takeover bid for Potash, analysts at Liberum Capital said on Thursday. “We see little substance to the lawsuit and to us seems suggestive of... 

BHP's Kloppers argues his case in Canada

By: Liezel Hill     21st September 2010 Marius Kloppers, the CEO of BHP Billiton, met with the editorial boards of Canada's National Post and Globe & Mail newspapers, and also appeared in an interview on the Business News Network on Tuesday, answering questions on the company's hostile takeover offer for Potash Corp of Saskatchewan.... 

Lithium Americas targets full feas by end-2011 on Argentina project

By: Liezel Hill     8th September 2010 TSX-listed Lithium Americas expects a preliminary economic assessment for its flagship Cauchari lithium/potassium project in the first three months of 2011, followed by a final feasibility document in the fourth quarter. With the final feasibility study in hand, the company will be ready for a... 

Analyst sees mid-term potash price at $400-$500/t

By: Matthew Hill     3rd September 2010 As rumours swirl surrounding potential Chinese plays for Potash Corp, Stifel Nicolaus analyst Horst Hueniken says prices for the fertiliser it produces will likely trade between $400/t and $500/t in the medium term. This week, Russian producers and Canadian potash cartel Canpotex raised their... 

Saskatchewan commissions review on Potash Corp, mulls options

By: Liezel Hill     2nd September 2010 The government of Saskatchewan has hired the Conference Board of Canada for an independent analysis of a proposed takeover of Potash Corporation of Saskatchewan, as it mulls the implications of a $40-billion hostile offer for the group. Saskatchewan Premier Brad Wall said on Thursday that the... 

Potash Corp on the offensive over BHP 'cold calls' 

By: Liezel Hill     31st August 2010 Potash Corporation of Saskatchewan, which is fending off a hostile takeover bid from BHP Billiton, has slammed the bigger miner for alleged “cold calls” to Potash Corp's customers. In a letter to customers, filed with the SEC, Potash Corp sales president of PCS sales Stephen Dowdle said it was... 

BHP doubles profit, vows won't overpay for Potash Corp  

By: Liezel Hill     25th August 2010 BHP Billiton, the world's biggest mining company, will be “disciplined” in its attempts to get control of Potash Corporation of Saskatchewan, and will not overpay for the company, CEO Marius Kloppers said on Wednesday. BHP reported full-year profit of $12,7-billion, more than double earnings of... 

BHP Billiton's Southern African aluminium smelters going ex-growth?

By: Martin Creamer     25th August 2010 Southern Africa's aluminium smelters appear to be heading for an ex-growth future. BHP Billiton CEO Marius Kloppers, who has announced a 16%-higher $12,5-billion profit for the world's largest mining company in the 12 months to June 30, indicates that new "ubiquitous" aluminium technology and... 

Potash Corp has 'number' of approaches on rival deal, seeks talks

By: Liezel Hill     23rd August 2010 Potash Corporation of Saskatchewan, fending off a hostile takeover bid from Anglo-Australian miner BHP Billiton, is pursuing discussions with “several” third parties that could put together a competing transaction. Potash Corp formally rejected BHP's $130 a share offer on Monday. With the clock... 

Vale says offer rumours 'unfounded'

By: Liezel Hill     23rd August 2010 Brazil's Vale has not made an offer to buy Potash Corporation of Saskatchewan and is also not in any negotiations to that end, the world's second-biggest mining company indicated on Monday. Speculation that Vale has made an offer or is in talks to acquire a fertiliser producer are “entirely... 

Union unhappy with BHP offer, wants public hearing

By: Liezel Hill     21st August 2010 The United Steelworkers Union (USW), which represents most of Potash Corporation of Saskatchewan's production workers, has expressed "concern" about BHP's offer for the company, and said it did not see a net benefit to Canada. The Investment Canada Act requires the government to review large... 

BHP studied bid since May, reiterates plan to exit potash cartel

By: Liezel Hill     20th August 2010 BHP Billiton started studying a potential combination with Potash Corp in May this year, according to a regulatory filing. The firm has gone hostile with a $130 a share offer ($40-billion on a fully diluted basis) for the Saskatchewan fertiliser company, after Potash Corp refused to talk about a... 

Potash Corp will review BHP offer, clock starts ticking for rivals

By: Liezel Hill     20th August 2010 BHP Billiton has officially launched its $130 a share offer for Potash Corp, the world's biggest mining company said on Friday. The Canadian company's directors will “review” the offer, but urged its shareholders not to take any action until the board has made a recommendation on the bid. 

BHP's Kloppers tight-lipped on how far he'll go to get Potash Corp

By: Liezel Hill     18th August 2010 The CEO of BHP Billiton, South African Marius Kloppers, does not view competing bids for acquisition target Potash Corporation of Saskatchewan as likely, and reminded investors on Wednesday that his $130 a share bid is “the only offer on the table”. Shares in Potash Corp jumped 28% on Tuesday,... 

BHP would honour Canpotex pacts, prefers to market own output

By: Liezel Hill     18th August 2010 BHP Billiton would prefer to market its own production, but the company will honour agreements already in place with partners in potash marketing group Canpotex, if it is successful in acquiring Canada's Potash Corporation of Saskatchewan, CEO Marius Kloppers indicated on Wednesday. Canpotex is... 

BHP goes hostile with $40bn Potash Corp offer

By: Liezel Hill     18th August 2010 BHP Billiton will make all-cash offer directly to Potash Corp shareholders at $130 a share, after the Canadian firm's board rejected the advances of the world's biggest mining company. The decision, announced on Wednesday, will surprise some analysts and investors, as BHP had been expected to... 

Potash Corp comes out swinging after BHP makes first move

By: Liezel Hill     17th August 2010 Bill Doyle, the CEO of Potash Corporation of Saskatchewan, was characteristically scathing on Tuesday, after announcing a "grossly inadequate" $38,6-billion takeover offer from the world's biggest mining company. “I'm not saying we're opposed to a sale, but what I'm saying is we're opposed to a... 

Canada to closely monitor potential Potash Corp takeover

By: Liezel Hill     17th August 2010 The Canadian government is keeping a close eye on a potential foreign takeover of Potash Corporation of Saskatchewan, Industry Canada said on Tuesday. BHP Billiton has proposed a $130 a share offer for Potash Corp, which would value the company at $38,6-billion.  

Offer for Potash Corp boosts other producers

By: Liezel Hill     17th August 2010 Shares in North American fertiliser companies rose across the board on Tuesday, after the leader in the sector, Potash Corporation of Saskatchewan, said it had received and rejected an unsolicited takeover offer from BHP Billiton. Minnesota-based Mosaic, the second biggest producer in North... 

Agrium offers $1,1bn for grain marketer AWB

By: Liezel Hill     16th August 2010 Canadian fertiliser products firm Agrium has offered $1,1-billion for Australia's AWB, the company said on Sunday. The bid trumps an existing offer for AWB, which markets and sells grain on behalf of Australian farmers, from another Australian company, Graincorp. 

BHP in talks with US port on potash exports

By: Liezel Hill     13th August 2010 BHP Billiton, the world's biggest mining company, has started discussions with the Port of Vancouver USA, in Washington state, about potentially setting up a potash export facility, the port said on Friday. The port and BHP Billiton have reached preliminary agreement to proceed and are working... 

Potash Corp forecasts 'tight' market in 2011

By: Liezel Hill     30th July 2010 Demand for potash could come close to global supply capabilities next year, especially if China returns to the market as expected, Potash Corp CEO Bill Doyle said on Thursday. The company, like other crop nutrient producers, has weathered a difficult couple of years, after farmers around the... 

Potash Corp more than doubles Q2 profit, raises FY outlook

By: Liezel Hill     29th July 2010 Potash Corporation of Saskatchewan earned $472-million in the second quarter, an increase of 153% compared with a year earlier, helped by firming demand for crop nutrients and potash in particular. Profit for the quarter also included a $69,6-million dividend from the company's investment in... 

Western Potash marketing Sask project, scoping study out soon

By: Liezel Hill     21st July 2010 Canada's Western Potash Corp (WPC) is looking for a buyer for its potash project in Saskatchewan, and has identified 22 parties that could be interested, corporate development VP John Costigan said in Toronto this week. Building a new potash mine is a costly and time-consuming business, which is... 

BHP announces 3,37bn ton resource for Jansen potash project

By: Liezel Hill     7th June 2010 BHP Billiton has completed a mineral resource estimate for its Jansen potash project, in Canada's Saskatchewan province, and expects to complete a prefeasibility study and move on to feasibility work in the second half of the year. The project has an in-situ resource of 3,37-billion tons, at... 

Potash Corp announces new COO

By: Liezel Hill     25th May 2010 Fertiliser products group Potash Corporation of Saskatchewan has appointed David Delaney as COO, to replace incumbent James Dietz when he retires at the end of June. Dietz held the position of COO since 2000, and worked in the fertiliser and chemical industries for more than 41 years, the... 

Potash Corp earnings up 46%

By: Liezel Hill     29th April 2010 Fertiliser product group Potash Corporation of Saskatchewan earned $449,2-million in the first quarter, a 46% increase from a year earlier, after buyers returned to the market for all three of the company's nutrients. The most notable improvement was in demand for potash, which generated 72% of... 

Potash One buys long-lead materials for Saskatchewan project

By: Liezel Hill     7th April 2010 Vancouver-based Potash One has begun ordering long-lead-time materials for its Legacy potash project in Saskatchewan, the company said on Wednesday. Potash One plans to commission and start up the solution mine in late 2013. 

BHP Billiton closes Athabasca acquisition

By: Liezel Hill     24th March 2010 The world's biggest mining company, BHP Billiton, has completed its acquisition of Canadian junior Athabasca Potash. BHP paid C$8,35 for each Athabasca share, to gain the smaller company's Burr potash project and a large exploration land package in Saskatchewan, Canada.  

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