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US floods could remove 3m acres of farmland this year - Potash Corp's Doyle

By: Matthew Hill As much as 1% of US farmland might not be planted this year because of devastating floods, but this will have a limited effect on sales for the world’s biggest fertiliser supplier Potash Corp, CEO Bill Doyle said on Thursday. Addressing the company’s yearly shareholders meeting, he added that... 

BHP names new divisional head, moves office to Saskatchewan

By: Matthew Hill BHP Billiton has appointed Tim Cutt to replace Graham Kerr as president of its Diamonds and Specialty Products unit, and will move its Canadian offices to Saskatchewan, where it hopes to develop the massive Jansen potash project. Cutt, who takes over the role on June 1, has served as production... 

Intrepid says US Q1 potash demand 'reminiscent' of 2008

By: Matthew Hill NYSE-listed Intrepid Potash, which produces the crop nutrient in the US, said on Thursday that domestic demand for its product for the first quarter was nearing the record levels of 2008. Tightening crop inventories and rising food prices were leading farmers to use more fertilisers in their... 

Agrium continues to grow profit

By: Matthew Hill Fertiliser maker Agrium on Wednesday reported that first-quarter earnings rose to $171-million from a $1-million loss the year before, as record crop prices bolstered demand for its products. “Crop nutrient demand was strong in North America and globally, providing underlying support to crop... 

Mosaic threatens to cut potash to Potash Corp from Sask mine

By: Matthew Hill A battle has been brewing between two potash giants in Saskatchewan, and Mosaic Company on Monday threatened to halt supplying Potash Corp with production at cost from its Esterhazy mine. An analyst said on Tuesday that the two companies would likely settle the dispute before Mosaic’s July 1... 

Potash Corp's Doyle not buying Indian potash 'holiday'

By: Matthew Hill Potash Corp CEO Bill Doyle hit back at reports that India, a major customer of his company’s crop fertilisers, was taking a break from buying potash until prices eased. Speaking on a conference call, he effectively said ‘they need us more than we need them’. A brazen Doyle, now vindicated for... 

Potash Corp sprouts 71% Q1 earnings rise

By: Matthew Hill Number-one fertiliser producer Potash Corp on Thursday reported first-quarter earnings surged 71% from the same time last year to $732-million as demand and prices for its products rose. Demand for potash, particularly from Latin America and Asian countries other than China and India, pushed... 

Western Potash hikes resources 40% at Sask project, shares climb

By: Matthew Hill Western Potash on Tuesday said it boosted the resources at the Milestone property in Saskatchewan by 40% to 64-million tons of measured resources and 880-million tons of indicated and inferred. “We are very pleased with the results of this updated resource calculation, though we are not... 

Grizzly starts actively hunting for Alberta potash

By: Matthew Hill Shares in Grizzly Discoveries jumped 36% after the TSX V-listed junior announced it started exploration work at its Alberta potash project. “We are aggressively pursuing the development of this project given our belief that agricultural products and foodstuffs could experience significant... 

Amazon changes name to Verde Potash

By: Matthew Hill Amazon Mining, a Toronto-based junior, said on Thursday shareholders had given the nod to a name change to Verde Potash. The change, which the company said it was doing to better reflect its focus on fertilisers, will be effective from Tuesday. 

MagIndustries agrees to C$115m bid from Chinese group

By: Matthew Hill MagIndustries, which owns potash properties in the Republic of Congo, has agreed to a C$115-million takeover offer from Chinese group Evergreen Industries, it said on Wednesday.The C$0,25 a share bid represented a 64% premium to the stock’s 20-day volume-weighted average up to Tuesday. 

Canpotex to build new maintenance facility

By: Matthew Hill Canadian potash exporting cartel Canpotex on Tuesday unveiled plans to build a C$55-million railcar maintenance shop in Saskatchewan. Construction will start in May and be finished by the third quarter of next year, Canpotex said. 

India's potash 'holiday' could be a bluff 

By: Matthew Hill Was India bluffing in its assertions this week that it was taking a “holiday” from potash imports because of high prices, saying it has enough inventories anyway? Profercy Phosphates & NPKs editor Tom Jago certainly thinks so. “In the industry we believe that, we think it’s a bluff,” he told... 

Higher phosphate prices ahead 

By: Matthew Hill Trouble in North Africa and the Middle East, environmental issues in the US and shrinking exports from China mean there could be a “chronic” shortage of phosphates, used as a crop fertiliser, Profercy Phosphates & NPKs editor Tom Jago said on Wednesday. And this is while the world is still... 

IC Potash starts environmental study at US project

By: Matthew Hill TSX V-listed IC Potash said on Monday it had started environmental permitting work at its Ochoa sulphate of potash (SOP) project in New Mexico. The mine is expected to cost $662-million and produce 660 000 t/y of SOP, also called potassium sulphate, which is used to make crop fertilisers. 

Mesa acquires Utah potash permits

By: Matthew Hill Hot on the heels of changing its name from Mesa Uranium to Mesa Exploration, the TSX V-listed company said on Thursday it had bought a western Utah potash project. The White Mountain deposit consists of 1 700 acres of Federal potash permit applications, the company said in a statement. 

Silver Lakes buys Alberta potash property

By: Matthew Hill TSX V-listed Silver Lake Resources has agreed to buy Pacific Canada Potash, which owns prospects in Alberta, for four-million shares and $525 000 in cash, it announced on Thursday. On closing the deal, Silver Lake will change its name to Pacific Potash Corporation, it said. 

Commodity prices to climb for another 5-10 years, says Bharti

By: Matthew Hill The gold price will reach $2 000/oz by the end of next year, Toronto-based Forbes & Manhattan CEO Stan Bharti predicted on Monday. He said the broader commodities bull cycle would last another five to ten years before seeing a major correction, as investors discarded financial assets for hard... 

Much higher prices needed for profitable new potash mines - Mosaic CEO

By: Matthew Hill Potash prices will need to nearly double from current levels to justify building brand new mines, Mosaic CEO James Prokopanko said on Thursday. “On the greenfield side, I just don’t see projects being justified as yet,” he said on the company’s third-quarter results call. 

Spur jumps on JV rejigging

By: Matthew Hill Spur Ventures’ shares leapt 45% in Toronto after the phosphate miner said its Chinese joint-venture would restructure and accelerate phosphate production in the Asian country. Under the restructuring, Spur will end up owning a minimum 20% stake in Yichang Maple Leaf Chemicals, depending on a... 

Ethiopian Potash adopts poison pill, shares rise

By: Matthew Hill TSX V-listed Ethiopian Potash Corp has implemented a shareholder rights plan, it said on Tuesday. The company’s shares rose 13% in Toronto, despite Ethiopian Potash’s assurances that its board is not aware of any company planning to buy it out. 

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.  

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