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MagIndustries pens loan agreement with majority shareholder

By: Matthew Hill Potash hopeful MagIndustries said on Tuesday its 77% shareholder, China’s Evergreen Resources, had agreed to loan it C$50-million, and that Longbo Chen had joined as co-CEO, with Ren Zhao becoming co-CFO. Evergreen in July bought 77% of MagIndustries after having bid for all of the company’s... 

Study pegs Encanto's potash project capital at $2.4bn for 2.5Mt/y mine

By: Matthew Hill TSX V-listed Encanto Potash on Thursday announced the results of a preliminary economic assessment of its Muskowekwan project in Saskatchewan that outlined a 2,5-million ton a year operation that would cost an estimated $2,4-billion to build. The study considered both solution mining and... 

Former UraMin team to list Congo potash project on TSX

By: Matthew Hill Australia-listed Elemental Minerals, which owns the Sintoukola potash project in the Republic of Congo (Brazzeville), said on Thursday it aims to list on the TSX August 16 in a C$53-million initial public offering. BMO Capital Markets and Renaissance Capital will lead the syndicate of... 

Allana names new chair, applies for TSX listing

By: Matthew Hill Allana Potash, hoping to produce the crop nutrient at its project in Ethiopia, has appointed Mark Stauffer as independent chairperson, and has applied to move its listing up to the TSX main board, it said on Wednesday. Stauffer was previously president of the Potash and Phosphate Institute of... 

Canadian government collected 65% more revenue from mining firms in 2010 - MAC

By: Matthew Hill Mining companies are expected to invest more than $116-billion in Canada over the next five years, an industry body said on Thursday. The Mining Association of Canada (MAC) said that the sector injected $8.4-billion into federal, provincial and territorial governments’ coffers in 2010 by way of... 

Finally, a deal between Canpotex and India

By: Matthew Hill It would appear, borrowing Potash Corp CEO Bill Doyle’s analogy, that India’s potash buyers have managed to catch their tail. Agrium CEO Mike Wilson on Wednesday said that Canpotex, the marketing cartel for Canada’s three biggest producers of the crop nutrient, had struck a deal to supply India... 

Vale hits record $6.4bn Q2 profit as production and prices rise

By: Matthew Hill The world’s biggest iron-ore miner, Vale, reaped a record $6.4-billion in net earnings for the second quarter, a 74% rise on the same period in 2010, and announced a $3-billion share buyback and an equal sum in dividends on Thursday. The buyback and distribution follow the miner’s June decision... 

India chasing its tail in price talks - Potash Corp's Doyle

By: Matthew Hill Potash Corp CEO Bill Doyle on Thursday took another swipe at the Indian government’s hard-nosed negotiating stand on prices for supplies of the crop nutrient, calling the situation a “tragedy” and likening it to a “dog chasing its tail”. The company, which posted record second-quarter profits on... 

Record profits for PotashCorp

By: Matthew Hill Potash Corp, the world’s biggest fertiliser producer, on Thursday reported a 75% rise in second-quarter net earnings to $840-million as prices for its products rose, as did output. On a per-share basis, earnings surged 81% to $0.96 for the three months ended June, sending first half earnings to... 

Potash prices to flourish further this year, says Scotiabank's Mohr

By: Matthew Hill Spot potash prices at the Port of Vancouver climbed to $490/t in July and another $30/t to $40/t increase is likely before autumn in the Northern Hemisphere, Scotiabank said on Wednesday. “With strong demand in most of Asia and Latin America, producers may aim for a spot potash price (granular... 

Lithium Americas could produce potash by 2014

By: Matthew Hill Lithium Americas Corp, which owns the Cauchari-Olaroz project in Argentina, is including potential potash production in its feasibility study due for the first quarter of next year, and could start production of the crop nutrient concurrently with lithium, CFO Ian Fodie said this week. “If it is... 

Karnalyte starts study on magnesium production

By: Matthew Hill Potash hopeful Karnalyte Resources said on Tuesday it hired Lyntek Incorporated to study the potential of producing magnesiu m chloride at its Wynyard project in Saskatchewan. The company said it would be extracting the material when mining potash in a solution, and that it could represent a... 

Western Potash graduates to main Toronto bourse

By: Matthew Hill Vancouver-based Western Potash Corp. said on Monday it had won permission to move its listing from the TSX-V to the main board the following day. The company, developing the estimated C$2.5-billion Milestone Project in Saskatchewan, hopes to start production in 2015, producing around 2,5-million... 

IC gets positive marketing feedback for potential potash production

By: Matthew Hill IC Potash, which hopes to build a potash mine in New Mexico, on Tuesday said a study it paid consultants UK-based CRU Strategies to conduct on its Ochoa project found “excellent market potential” for future production of sulphate of potash (SOP). “Not only has the CRU report described the... 

BHP Billiton gets environmental thumbs up for Jansen

By: Matthew Hill Saskatchewan has given BHP Billiton the green light to dig the Jansen potash project in the province, the Anglo-Australian miner said on Thursday. BHP Billiton said it would likely make a final board decision on the project next year, with first output pencilled in for 2015. 

Rise in Canpotex-China potash prices puts pressure on India

By: Matthew Hill Canpotex, the potash marketing cartel owned by Canada’s three biggest producers of the crop nutrient, announced on Wednesday that it had increased its prices to China by $70/t for the second half of 2011. While Canpotex doesn’t publish the actual pricing level, Mining Weekly Online understands... 

Lithium One hires engineers for Argentina project PEA

By: Liezel Hill Vancouver-based Lithium One has retained ARA Worley Parsons to complete an NI 43-101-compliant preliminary economic assessment report for the company's Sal de Vida lithium/potash project in Argentina. The study will model the economics of a conventional evaporation recovery circuit for lithium... 

BHP Billiton approves more funds for Canada potash project

By: Liezel Hill BHP Billiton, the world's biggest mining company, has given the green light for another $488-million to develop its Jansen potash project in Canada's Saskatchewan province. The money will go towards site preparation and orders for long-lead-time items while the feasibility study is under way,... 

Agrium raises earnings outlook

By: Liezel Hill Shares in Canadian fertiliser producer Agrium rose more than three percent on Monday, after the company increased its profit guidance for the second quarter. Agrium now expects to earn between $4.01 and $4.40 a share on continuing operations in the three months ended June 30, citing strong... 

Huge potential for Ethiopian potash, says Allana CEO 

By: Matthew Hill Ethiopia has “huge potential” to become a significant potash producer, TSX V-listed Allana Potash CEO Farhad Abasov said on Thursday. “It’s not going to be as big as Saskatchewan, but it’s going to be a substantial potash producer,” he commented in an interview. 

Verde says could potentially supply all of Brazil's potash demand

By: Matthew Hill TSX-listed Verde Potash is hoping to prove up enough resources at its Brazilian Cerrado Verde potash mine to supply all of the South American country’s future demand for the fertiliser, a spokesperson said on Monday. That’s no mean feat, seeing as though Brazil is forecast to become the biggest... 

Allana wants first Ethiopian potash output in 2014

By: Matthew Hill Allana Potash, hoping to build a mine in Ethiopia, said this week it will decide whether to go ahead with the Dallol project by the middle of next year. “We should be finished the 43-101 update in the next couple of weeks and, parallel to that, we’ll start moving into our bankable feasibility... 

New potash entrant Karnalyte ponders 6Mt production

By: Matthew Hill Karnalyte Resources, which debuted on the TSX in December, aims on producing 500 000 t/y of potash at its Wynyard project in Saskatchewan, but CEO Robin Phinney said on Thursday this could eventually climb as high as six-million tons a year. The plan is to construct the first phase at a capital... 

K+S maintaining 2015 first output date from Legacy potash project

By: Matthew Hill German chemicals company K+S Aktiengesellschaft is sticking to the forecast of first production in 2015 from its recently acquired Legacy potash project in Saskatchewan, but will ramp up output slower than under the previous owner's plans, the company said on Wednesday. “We do not see a chance to... 

Potash Corp eyes even greater growth

By: Matthew Hill The world’s biggest potash producer, Potash Corp, could add a further five-million tons of production, which would take its total capacity to around 22-million tons yearly, CFO Wayne Brownlee said on Wednesday. The company had already unveiled plans to grow output from around ten-million tons of... 

New entrants could squeeze existing potash miners - Agrium CEO

By: Matthew Hill Companies building new potash mines could “put some stress” on existing producers, US-based Agrium CEO Mike Wilson conceded on Wednesday, but added that the costs of new projects was likely to intimidate potential entrants. Agrium, the world’s biggest agricultural product retailer, plans on... 

Ratings upgrade extends Potash Corp's gains

By: Matthew Hill Shares in Potash Corp ratcheted up a further 2,9% on the TSX in Tuesday afternoon trade, after Standard & Poor’s revised its credit rating for the company to stable from negative. “The outlook revision reflects our view that strong demand for fertilizers will allow the company to generate... 

Analysts expect more potash price gains despite floods

By: Matthew Hill As Belarusian Potash Company announced a $30/t price increase for deliveries of the crop nutrient to Brazil, North American analysts are upbeat on the price for the rest of the year. “I think they’ll rise by single digits, but maybe strong single digits,” Indiana-based Boenning & Scattergood... 

Junior Vulcan to separately list its potash assets

By: Matthew Hill Vulcan Minerals, the Newfoundland-based oil explorer, on Wednesday said it will spin out a potash deposit it owns in the province into a new listed company. The company said it would own around 20% of Newco, the company that will hold the potash assets, after financing, and has hired a geologist... 

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... 

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