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Ethiopian potash prospects buoyed by acquisition, says junior

     18th May 2012 The decision by Norwegian fertilizer group Yara International last week to up its stake in Ethiopian potash company Ethiopotash BV to 51% from 16.67%, is being perceived by companies such as exploration group Allana Potash as a positive indicator for the potash sector. 

Elemental Minerals hikes Congo potash resources 265%

By: Matthew Hill     8th May 2012 Elemental Minerals, exploring for potash in the Republic of Congo, on Tuesday announced it grew measured and indicated resources at its Kola deposit to just under one-billion tons. CEO Iain Macpherson said the increased tonnage reinforced management’s confidence that the TSX- and ASX-listed... 

Allana Potash Corp announces 1.3bn t Ethiopian potash resource

By: Henry Lazenby     2nd May 2012 Allana Potash earlier this week announced a National Instrument 43-101-compliant potash resource of 1.3-billion tons at its Danakil potash project, in Ethiopia. The resource holds an average grade of 19.32% potassium chloride, representing about 250-million tons, more than a 90% increase over... 

Potash Corp expects bumper Q2 sales, profit drops

By: Henry Lazenby     26th April 2012 Saskatchewan-based Potash Corp on Thursday said it expected significantly increased demand for potash and related products in the second quarter this year, with CEO Bill Doyle painting a bullish outlook for the rest of the year and into 2013. Demand for the agricultural aide fell sharply during... 

Ethiopian Potash appoints new directors

By: Henry Lazenby     13th April 2012 TSX-V-listed Ethiopian Potash Corp (EPC) on Thursday announced the appointment of Bruce Cumming and CFO Michael Galloro as directors, following the resignation of Paul DesLauriers, Robert Metcalfe and Binh Vu from the board. Acting CEO and director George Roach said the board changes were part... 

K+S to officially start building Legacy potash mine in June

By: Matthew Hill     4th April 2012 Germany’s K+S said it will hold a ground-breaking ceremony at its C$3.25-billion Legacy potash project in Saskatchewan on June 19, after having received board sanctioning in November. The fertiliser maker also said project manager for the development, Mike Ferguson, will leave the role on the... 

IC Potash sees C$40m cheque from Yara

By: Matthew Hill     31st March 2012 TSX-listed IC Potash (ICP), developing the Ochoa project in New Mexico, will sell a 19.9% to Norway’s Yara International for about C$40-million, in what the Toronto-based company calls a “transformational” deal, which also involves 30% of the project’s future offtake. Yara will pay C$1.32 a... 

Stonegate's prefeas gives Idaho project $179.4m NPV

By: Matthew Hill     27th March 2012 The results of the prefeasibility study for Stonegate Agricom’s Paris Hills phosphate project in Idaho might arrived three months later than hoped, but they outlined the one-million-ton-a-year operation CEO Mark Ashcroft had been gunning for, which would pay back its capital after just over... 

April Fools' Day startup for Potash Corp's suspended mines

By: Matthew Hill     23rd March 2012 Potash Corp, the biggest fertiliser producer, said on Friday two of its major mines in Saskatchewan are on track to restart production on April 1, after soft demand led it to idle the Rocanville and Lanigan mines. A spokesperson said the total production impact from the suspensions will be... 

African Potash upbeat about Congo project

By: Natasha Odendaal     23rd March 2012 Aim-listed African Potash said on Friday it was hopeful of shortly completing its acquisition of a potash exploration company in the Republic of Congo. The exploration and investment company in February agreed to buy Patagonia Capital, which held a 70% interest in Congo-based La Societe des... 

Canpotex-China potash price unchanged in Q2

By: Matthew Hill     20th March 2012 Shares in Potash Corp rose on Tuesday morning, after Canpotex, the marketing arm of Canada’s potash producers, said prices for the crop nutrient it supplies to China will remain flat in the second quarter. Canpotex, which also includes Mosaic and Agrium Inc, said under the deal it signed with... 

Drama continues at Ethiopian Potash

By: Matthew Hill     8th March 2012 There have been some strange goings on at Ethiopian Potash in the past month, which on Wednesday culminated in CEO David Wahl’s abrupt exit, after just 18 months on the job. The TSX-V-quoted company in the same announcement said it was in talks to sell a near-20% stake to a strategic investor,... 

Verde to raise up to C$28m for Brazilian potash project

By: Matthew Hill     2nd March 2012 Toronto-based Verde Potash said on Thursday it hired financial institutions to raise up to C$28.7-million to develop its Cerrado Verde project in Brazil. A preliminary economic assessment announced in January foresaw a staged project at Cerrado Verde, with the first phase to produce 600 000 t/y... 

'We love price', says Potash Corp COO

By: Matthew Hill     1st March 2012 Demand for potash will likely grow by more than 36%, or 15-million tons yearly, over the next decade, Potash Corp COO David Delaney said on Wednesday. And while cautious buying since November last year caused producers including the world’s biggest to idle some mines, demand will return in the... 

Montero says SA phosphate mine to cost C$129m

By: Matthew Hill     29th February 2012 Toronto-based Montero Mining, which owns a rare earths project in Tanzania, on Tuesday said a scoping study gave its Duyker Eiland phosphate asset in South Africa’s Western Cape a C$150-million net asset value at a 10% discount rate, forecasting it would cost $129-million to build a 490 000 t/y... 

'Terrific' potash sales soon - Coxe

By: Matthew Hill     25th February 2012 Almost exactly ten years ago, BMO Financial Group strategy advisor Don Coxe correctly forecast commodities were moving into the biggest bull market yet. On Friday, he said investors in commodity markets can still expect at least another two decades of, at least relatively, good times. “For the... 

Can former UraMin team pull it off again with Congo potash?

By: Matthew Hill     23rd February 2012 While Elemental Minerals is sitting on what Northern Securities analyst Fadi Benjamin calls “the best potash project in Africa...hands down”, the biggest challenge facing the company is raising the $1.7-billion required to bring its Sintoukola deposit in the Republic of Congo (RoC) into... 

Curiouser and curiouser at Ethiopian Potash

By: Matthew Hill     15th February 2012 In a strange twist of events, Ethiopian Potash exploration VP Bruce Cumming announced his own resignation this week, through what the TSX-V-listed junior called an “unauthorised press release”. While Ethiopian Potash acknowledged Cumming’s exit, the company said it was “puzzled by the... 

Mosaic joins potash-production cutting party on soft demand

By: Matthew Hill     4th February 2012 Potash dealers are holding back from buying the crop nutrient even more than North America’s second-biggest producer, Mosaic Corp, anticipated they would a month ago, prompting the company to idle up to 20% of its capacity up to May. However, like its larger competitor Potash Corp, the... 

Doyle undaunted as potash demand dips

By: Matthew Hill     27th January 2012 Markets for potash might have seized up at the end of last year and into 2012, but demand will likely bounce back equally quickly, Potash Corp CEO Bill Doyle said on Thursday. “This business turns on a dime,” the head of the world’s biggest fertiliser producer said on a conference call,... 

Potash Corp Dec quarter profit misses estimates

By: Matthew Hill     26th January 2012 A surprisingly swift fourth-quarter slowdown in fertiliser markets ate into Potash Corp earnings for the period which, at $683-million, was 34% higher than for the same period in 2010, but well below analyst expectations. Potash demand in North America was particular poor for the last three... 

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... 

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