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Western Potash hoping for strategic partner by year end

By: Matthew Hill 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 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 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 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... 

Stonegate 'quietly confident' on phosphate pricing

By: Matthew Hill Stonegate Agricom, hoping to build a phosphate mine in south-western Idaho, said that food prices should stay strong despite economic growth fears, which would sustain prices for the fertiliser ingredient. “We’re quietly confident that food prices are going to remain stable. There will be some... 

North Atlantic sells potash claims to Chinese firm for $110m

By: Matthew Hill Two days after having announced a joint venture (JV) agreement with transnational miner Rio Tinto, North Atlantic Potash said on Friday it had sold eight exploration properties in Saskatchewan to China’s Yancoal Canada Resources for $110-million. The company said the sale provided it with the... 

BHP Billiton aggressively pushing forward at potash projects

By: Matthew Hill Mining heavyweight BHP Billiton is “aggressively” pursuing potash projects in Saskatchewan along with its Jansen asset, the company said on Wednesday. “Although these are at an early stage, the data acquired suggests they have the ability to support significant potential developments,”... 

Allana adopts poison pill, shares rise

By: Matthew Hill Shares in Allana Potash charged 12% higher on the TSX after the company, which has a project in Ethiopia, said it adopted a shareholders rights plan and was talking to “various strategic parties”. Allana added it was not responding to any specific potential take-over bid in adopting the poison... 

Rio Tinto gets back into potash through Canadian JV

By: Matthew Hill Diversified major Rio Tinto has re-entered the potash business, having agreed to team up with a division of Russia's Acron, a fertiliser producer, to hunt for the crop nutrient in Saskatchewan. The Anglo-Australian miner, which will manage exploration and development of the joint venture, said... 

Mosaic profit misses, pushing shares sharply lower

By: Reuters Fertilizer producer Mosaic Co (MOS.N) posted a preliminary quarterly profit that fell short of expectations due to higher costs, pushing its shares down more than 4 percent in premarket trading. For the first fiscal quarter ended August 31, Mosaic reported net income of $526 million, or $1.17... 

No 2008 repeat, analysts say of falling commodities

By: Matthew Hill Financial journalists around the world have been dusting off all the old clichés they wore out as the 2008 collapse unfolded, with headlines of “bloodbaths” and “meltdowns” accompanying tired depictions of desperate traders holding their heads in horror. Mining Weekly Online on Friday spoke to... 

BC regulator questions Passport Potash's disclosures

By: Matthew Hill Shares in Passport Potash fell 15% on Monday, after the British Columbia Securities Commission (BCSC) wrapped it over the knuckles for certain of its disclosures relating to its Holbrook project in Arizona. Issues that the regulator took with the TSX V-listed junior’s disclosures included using... 

Potash Corp, Mosaic agree to phosphate price hike with India

By: Matthew Hill Fertiliser companies Potash Corp and Mosaic on Thursday said they agreed with two Indian customers to raise the price of diammonium phosphate by about 10% to $677/t, owing to “strong market conditions”. The agreement is for around one-million tons of the crop nutrient, and is part of a... 

Potash junior Karnalyte rises on big resource boost 

By: Matthew Hill Shares in TSX-listed Karnalyte Resources rose 4.5% to a new record on Thursday, after the potash explorer increased the resource at its Wynyard project in Saskatchewan more than three-fold to 201.3-million tons. BMO Capital Markets analyst Joel Jackson said in a research note this would be... 

Potash prices could beat $650/t by end 2012

By: Matthew Hill As the supply-demand equation for potash continues to tighten, prices will continue to climb, analysts said on Tuesday, with one predicting they may even top $650/t by the end of next year. “The average spot price of potash should climb to at least $650/t by late 2012 – perhaps higher,”... 

Canada's mines to get $130bn in investments by 2016 - MAC

By: Matthew Hill Companies will invest some $130-billion in Canadian mines over the next five years, as burgeoning commodity demand creates opportunities “not seen since the post-war boom of the 1950's”, an industry lobby group said on Thursday. “Multi-billion dollar investments are planned in virtually every... 

IC Potash courts partners for New Mexico project

By: Matthew Hill TSX-listed IC Potash is in talks with “quite a few” companies to partner on its Ochoa project in New Mexico, and hopes to have an agreement penned within the next 12 months, CEO Sidney Himmel told Mining Weekly Online. The company aim to complete a prefeasibility study on the potential mine in... 

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... 

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