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MagIndustries gets interest from 'several' potential backers

By: Matthew Hill Potash junior MagIndustries has received “several” approaches from companies interested in funding its Mengo project in the Republic of Congo (Brazzaville), and continues “to actively pursue discussions with a significant industrial group”, it said on Friday. The Toronto-based company added it... 

Allana Potash raises C$10m from IFC

By: Matthew Hill Allana Potash, which owns prospects in Ethiopia, said on Thursday it had raised C$10-million from selling shares and warrants to the International Finance Corp (IFC), sending its shares up 5%. The TSX V-listed junior said it will use the money to fund drilling and a feasibility study at its... 

Potash Corp says tighter grain markets to boost fertiliser prices

By: Matthew Hill Global grain production needs to climb by over 5% this year to meet projected demand, boosting fertiliser demand and prices, Potash Corp said. “Historically, production has increased by approximately 2%/year; therefore, we see potential for further tightening in global grain markets,” the... 

BHP Billiton contracts SNC-Lavalin for potash projects 

By: Matthew Hill BHP Billiton has appointed SNC-Lavalin to develop its Saskatchewan projects in a multi-year contract, the engineering firm said on Tuesday. The company will build a project hub where it will manage the feasibility studies and construction of the world’s biggest mining company’s potash developments. 

Encanto announces potash resources at Saskatchewan project

By: Matthew Hill Encanto Potash Corp, exploring for the crop nutrient in Saskatchewan, said on Friday it had about 2-billion tons of indicated and inferred resources at its Muskowekwan project that it could mine in solution. If mined conventionally, the resources would be 800-million tons grading at 36%... 

Potash junior successfully raises $20m

By: Matthew Hill TSX V-listed IC Potash, which has projects in New Mexico, said on Thursday it had successfully raised $20-million in a bought deal offering. The company will use the money to develop its Ochoa project where it aims to produce sulfate of potash, used as a crop fertiliser. 

Ethiopian Potash lists in Toronto 

By: Matthew Hill Ethiopian Potash Corp started trading on TSX-V on Friday, after the reverse takeover of Panorama Resources got approval from the exchange. The company, headed by CEO David Wahl, owns the G&B property in Afar State, Ethiopia. 

Potash Corp CFO hits back at tax critics

By: Matthew Hill Potash Corp of Saskatchewan CFO Wayne Brownlee said on Thursday that its tax rate was “extremely high” compared with competitors in other countries, and that critics were “cherry picking their information for political expediency purposes”. Speaking on a webcast, he said that the firm paid lower... 

K+S names Wilson new Potash One CEO

By: Matthew Hill German fertiliser giant K+S announced on Tuesday it had appointed Richard Wilson as CEO of Potash One, which it bought for C$434-million last year.Wilson will on March 1 replace Alexa Hergenröther, who had been interim CEO at the potash subsidiary. 

BHP boosts buyback plan to $10bn, profit soars 72%

BHP Billiton, the world's biggest mining company, increased first half earnings by 71,5%, helped by surging prices for the raw materials it produces. The group reported attributable profit for the six months ended December 31 of $10,52-billion, compared with $6,14-billion a year earlier.  

Agrium expects 'tuck-in' acquisitions this year

By: Matthew Hill TSX- and NYSE-listed Agrium will announce “tuck-in” acquisitions for its retail in Argentina, Canada and the US this year, to add to the deals it did over the past few months in those regions, a spokesperson said on Wednesday. “I expect that we will announce acquisitions this year in all those... 

Agrium profit jumps

By: Matthew Hill Calgary-based Agrium on Tuesday reported net earnings had climbed to $158-million in the last quarter of 2010, more than five times the level in the same period the previous year. The fertiliser-maker said it was benefiting from high crop prices, and expected these to remain “well above historic... 

Jansen potash project advances to feasibility stage – BHP

By: Petronel Smit The world’s biggest diversified miner BHP Billiton has progressed its Jansen potash project in Saskatchewan to the feasibility study phase, it announced on Wednesday. The project was designed to produce about eight-million tons a year of agricultural grade potash over an estimated 70-year life,... 

Potash Corp says prices will rise further in 'supply constrained' market

By: Liezel Hill Potash prices will continue to rise in 2011 as the gap between supply capacity and demand for the crop nutrient narrows, Potash Corp of Saskatchewan CEO Bill Doyle said on Thursday. Potash Corp shares rose 3% on Thursday, to C$172,26 apiece by 16:36 in Toronto. The stock rose as high as C$177,84... 

Potash Corp profit jumps, hikes dividend as prices rise

By: Liezel Hill Potash Corp of Saskatchewan, the biggest producer of the crop nutrient, more than doubled its profit in the fourth quarter compared with a year earlier, helped by rising demand and strong price growth for all three of its product groups. Shares in the company rose 2,36% on Thursday morning, to... 

Sirius buys Yorkshire potash company in £25m deal

By: Petronel Smit Aim-listed Sirius Minerals on Monday announced that it had bought private UK company York Potash for £25-million in shares, expanding its portfolio of potash projects. York Potash is studying the development of a potash project in England, which has the potential to be one of the world's largest... 

BHP submits environmental impact statement for Jansen project

By: Liezel Hill BHP Billiton has submitted an environmental-impact statement for its Jansen potash project, in Saskatchewan, to provincial authorities for review. The project, about 140 km east of Saskatoon, is expected to produce about eight-million tons a year of potash at full capacity, the company said in a... 

Quadra's DMC unit will build potash shafts for BHP

By: Liezel Hill DMC Mining Services, the mining services subsidiary of base-metals producer Quadra FNX Mining, has signed a contract to build two new mine shafts for BHP Billiton at its Jansen potash project in Saskatchewan. The entire contract is valued at about $400-million, and DMC will receive a combination... 

Canadian potash still making headlines

By: Matthew Hill BHP Billiton abandoning its $40-billion bid for Potash Corp has by no means kept the sector out of the news, with Europe’s biggest producer of the fertiliser, K + S, this week agreeing to buy another Canadian company. Potash One was far more receptive of the $434-million approach, recommending... 

Western Potash hires advisers, in talks to fund project

By: Liezel Hill Canadian junior Western Potash Corp is reviewing a number of options to finance the development of its flagship Milestone project, in Saskatchewan, and is in discussions with groups that have expressed interest in the asset, the company said on Thursday. Western Potash said it has formally... 

K+S agrees to buy Potash One for C$434m, rivals not seen likely

By: Liezel Hill German potash producer K+S has agreed to buy Vancouver-based junior Potash One for C$434-million in cash, the two firms announced on Monday. Potash One owns the Legacy potash project in Canada's Saskatchewan province, and received approval earlier this month for the environmental-impact... 

Potash Corp announces $2bn share buy-back plan after scrapped BHP offer

By: Liezel Hill Potash Corporation of Saskatchewan has approved a share repurchase programme under which it can buy back up to $2-billion of its common shares over a one-year period, the firm announced on Tuesday. Purchases under the program can begin on November 18 and will end no later than November 17, 2011. 

Saskatchewan approves EIS for Potash One project

By: Liezel Hill The Ministry of Environment in Saskatchewan has approved the environmental-impact assessment for Potash One's Legacy project, the TSX-listed company announced on Wednesday. The approval is the first for a greenfields potash mine under the current environmental assessment legislation, Potash One... 

Commentary: Kloppers likely to fight for Potash 

By: Matthew Hill I would have given a lot to witness the reaction from BHP Billiton's CEO on hearing that Canadian Industry Minister Tony Clement was blocking his bid for Potash Corp of Saskatchewan. South African Marius Kloppers is invariably as cool as a cucumber, and has remained so - in public at least -... 

Mining in Africa Projects 2010

By: Sheila Barradas A sample of mining projects taking place across the African continent. 

Saskatchewan regulator delays poison pill hearing

By: Liezel Hill The Saskatchewan Financial Services Commission has indefinitely postponed a hearing on an application by BHP Billiton to have Potash Corp of Saskatchewan's shareholder rights plan suspended. BHP Billiton asked for the adjournment and Potash Corp agreed to it, the regulator said in a document... 

Canada blocks Potash bid in decision seen as political

By: Liezel Hill Canada has rejected BHP Billiton's $40-billion bid to buy Potash Corp of Saskatchewan because it does not represent a "likely" net benefit to the country, Industry Minister Tony Clement said at a news conference in Ottawa on Wednesday, broadcast live on Canadian television. He did not close the... 

Russia's Phosagro eyes bid for Potash Corp

By: Reuters Russian fertilizer company Phosagro is planning to bid for Canada's Potash Corp, the world's top fertilizer maker, rivaling a bid by BHP Billiton, business daily Vedomosti reported on Wednesday. Phosagro Chairman Vladimir Litvinenko has asked Russian Prime Minister Vladimir Putin to approve a... 

Investment Canada gives 'tentative' approval on Potash takeover – report

By: Liezel Hill Investment Canada is expected to issue a "yellow light" on BHP Billiton's proposed takeover of Potash Corp, the Financial Post reported on Monday. The final decision will rest with Prime Minister Stephen Harper but Industry Canada has recommended a conditional approval of the deal, according to... 

Sask Premier still campaigning against Potash takeover

By: Liezel Hill There is no way to get around the strategic concerns regarding the sale of Potash Corp to BHP Billiton, Saskatchewan Premier Brad Wall said on Friday. Saskatchewan announced its formal opposition to the deal last week, and has been lobbying the government to block the deal. 

Potash talked to 15 parties on rival bids, still hopeful

By: Liezel Hill Potash Corp of Saskatchewan, which is fending off a hostile takeover offer from BHP Billiton, has held discussions with 15 potential rival bidders or investors, the company said in a regulatory filing. The company filed its submission to the Saskatchewan Financial Services Commission, after BHP... 

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