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Potash News

Vale says offer rumours 'unfounded'

By: Liezel Hill     23rd August 2010 Brazil's Vale has not made an offer to buy Potash Corporation of Saskatchewan and is also not in any negotiations to that end, the world's second-biggest mining company indicated on Monday. Speculation that Vale has made an offer or is in talks to acquire a fertiliser producer are “entirely... 

Union unhappy with BHP offer, wants public hearing

By: Liezel Hill     21st August 2010 The United Steelworkers Union (USW), which represents most of Potash Corporation of Saskatchewan's production workers, has expressed "concern" about BHP's offer for the company, and said it did not see a net benefit to Canada. The Investment Canada Act requires the government to review large... 

BHP studied bid since May, reiterates plan to exit potash cartel

By: Liezel Hill     20th August 2010 BHP Billiton started studying a potential combination with Potash Corp in May this year, according to a regulatory filing. The firm has gone hostile with a $130 a share offer ($40-billion on a fully diluted basis) for the Saskatchewan fertiliser company, after Potash Corp refused to talk about a... 

Potash Corp will review BHP offer, clock starts ticking for rivals

By: Liezel Hill     20th August 2010 BHP Billiton has officially launched its $130 a share offer for Potash Corp, the world's biggest mining company said on Friday. The Canadian company's directors will “review” the offer, but urged its shareholders not to take any action until the board has made a recommendation on the bid. 

BHP's Kloppers tight-lipped on how far he'll go to get Potash Corp

By: Liezel Hill     18th August 2010 The CEO of BHP Billiton, South African Marius Kloppers, does not view competing bids for acquisition target Potash Corporation of Saskatchewan as likely, and reminded investors on Wednesday that his $130 a share bid is “the only offer on the table”. Shares in Potash Corp jumped 28% on Tuesday,... 

BHP would honour Canpotex pacts, prefers to market own output

By: Liezel Hill     18th August 2010 BHP Billiton would prefer to market its own production, but the company will honour agreements already in place with partners in potash marketing group Canpotex, if it is successful in acquiring Canada's Potash Corporation of Saskatchewan, CEO Marius Kloppers indicated on Wednesday. Canpotex is... 

BHP goes hostile with $40bn Potash Corp offer

By: Liezel Hill     18th August 2010 BHP Billiton will make all-cash offer directly to Potash Corp shareholders at $130 a share, after the Canadian firm's board rejected the advances of the world's biggest mining company. The decision, announced on Wednesday, will surprise some analysts and investors, as BHP had been expected to... 

Potash Corp comes out swinging after BHP makes first move

By: Liezel Hill     17th August 2010 Bill Doyle, the CEO of Potash Corporation of Saskatchewan, was characteristically scathing on Tuesday, after announcing a "grossly inadequate" $38,6-billion takeover offer from the world's biggest mining company. “I'm not saying we're opposed to a sale, but what I'm saying is we're opposed to a... 

Canada to closely monitor potential Potash Corp takeover

By: Liezel Hill     17th August 2010 The Canadian government is keeping a close eye on a potential foreign takeover of Potash Corporation of Saskatchewan, Industry Canada said on Tuesday. BHP Billiton has proposed a $130 a share offer for Potash Corp, which would value the company at $38,6-billion.  

Offer for Potash Corp boosts other producers

By: Liezel Hill     17th August 2010 Shares in North American fertiliser companies rose across the board on Tuesday, after the leader in the sector, Potash Corporation of Saskatchewan, said it had received and rejected an unsolicited takeover offer from BHP Billiton. Minnesota-based Mosaic, the second biggest producer in North... 

Agrium offers $1,1bn for grain marketer AWB

By: Liezel Hill     16th August 2010 Canadian fertiliser products firm Agrium has offered $1,1-billion for Australia's AWB, the company said on Sunday. The bid trumps an existing offer for AWB, which markets and sells grain on behalf of Australian farmers, from another Australian company, Graincorp. 

BHP in talks with US port on potash exports

By: Liezel Hill     13th August 2010 BHP Billiton, the world's biggest mining company, has started discussions with the Port of Vancouver USA, in Washington state, about potentially setting up a potash export facility, the port said on Friday. The port and BHP Billiton have reached preliminary agreement to proceed and are working... 

Potash Corp forecasts 'tight' market in 2011

By: Liezel Hill     30th July 2010 Demand for potash could come close to global supply capabilities next year, especially if China returns to the market as expected, Potash Corp CEO Bill Doyle said on Thursday. The company, like other crop nutrient producers, has weathered a difficult couple of years, after farmers around the... 

Potash Corp more than doubles Q2 profit, raises FY outlook

By: Liezel Hill     29th July 2010 Potash Corporation of Saskatchewan earned $472-million in the second quarter, an increase of 153% compared with a year earlier, helped by firming demand for crop nutrients and potash in particular. Profit for the quarter also included a $69,6-million dividend from the company's investment in... 

Western Potash marketing Sask project, scoping study out soon

By: Liezel Hill     21st July 2010 Canada's Western Potash Corp (WPC) is looking for a buyer for its potash project in Saskatchewan, and has identified 22 parties that could be interested, corporate development VP John Costigan said in Toronto this week. Building a new potash mine is a costly and time-consuming business, which is... 

BHP announces 3,37bn ton resource for Jansen potash project

By: Liezel Hill     7th June 2010 BHP Billiton has completed a mineral resource estimate for its Jansen potash project, in Canada's Saskatchewan province, and expects to complete a prefeasibility study and move on to feasibility work in the second half of the year. The project has an in-situ resource of 3,37-billion tons, at... 

Potash Corp announces new COO

By: Liezel Hill     25th May 2010 Fertiliser products group Potash Corporation of Saskatchewan has appointed David Delaney as COO, to replace incumbent James Dietz when he retires at the end of June. Dietz held the position of COO since 2000, and worked in the fertiliser and chemical industries for more than 41 years, the... 

Potash Corp earnings up 46%

By: Liezel Hill     29th April 2010 Fertiliser product group Potash Corporation of Saskatchewan earned $449,2-million in the first quarter, a 46% increase from a year earlier, after buyers returned to the market for all three of the company's nutrients. The most notable improvement was in demand for potash, which generated 72% of... 

Potash One buys long-lead materials for Saskatchewan project

By: Liezel Hill     7th April 2010 Vancouver-based Potash One has begun ordering long-lead-time materials for its Legacy potash project in Saskatchewan, the company said on Wednesday. Potash One plans to commission and start up the solution mine in late 2013. 

BHP Billiton closes Athabasca acquisition

By: Liezel Hill     24th March 2010 The world's biggest mining company, BHP Billiton, has completed its acquisition of Canadian junior Athabasca Potash. BHP paid C$8,35 for each Athabasca share, to gain the smaller company's Burr potash project and a large exploration land package in Saskatchewan, Canada.  

Athabasca Potash shareholders OK BHP takeover

By: Liezel Hill     18th March 2010 Holders of Athabasca Potash shares and options have approved the acquisition of the company by the world's biggest miner, BHP Billiton, the junior company said on Thursday. Shareholders approved the arrangement at a special meeting a day earlier. 

Potash Corp hikes outlook, shares jump

By: Liezel Hill     12th March 2010 Shares in Canada's Potash Corporation of Saskatchewan rose on Friday, after the company raised its first quarter profit guidance, citing a sharply higher demand for potash and improved margins for its nitrogen and phosphate products. Potash Corp shares were up 6,82%, at $127,89 apiece by 14:46... 

CF jumps back into fight for Terra

By: Liezel Hill     3rd March 2010 Fertiliser products group CF Industries has launched a new offer smaller firm Terra Industries, after Terra agreed last month to be bought by Norway's Yara International. CF spent 2009 trying to persuade Terra to agree to a buyout, but withdrew its offer and said it was selling all its Terra... 

Republic of Congo gives green light for MagIndustries potash project

By: Liezel Hill     19th February 2010 TSX-listed MagIndustries has received final approval from the Republic of Congo of the environmental and social impact assessment study for its Mengo potash project, the company announced on Friday. Sustainable Development, Forest Economy and Environment Minister Henri Djombo informed the... 

Agrium extends CF offer, repeats commitment to deal

By: Liezel Hill     19th February 2010 Calgary, Alberta-based fertiliser products firm Agrium has extended the expiration date of its offer to buy US rival CF Industries once again. The offer, of $45 in cash plus one Agrium share per CF share, was to have expired on February 22 but the deadline has been extended until midnight New... 

Canada's Canpotex sells potash to India at $370/t

By: Liezel Hill     19th February 2010 Canpotex, the offshore marketing company for Canadian potash producers Potash Corp, Agrium and Mosaic, has inked a new supply contract with Indian buyers for the second quarter, it announced on Friday. About 600 000 t will be shipped at a contract price of $370/t, including freight costs, to a... 

Canpotex inks Q1 supply agreement with China's Sinofert

By: Liezel Hill     8th February 2010 Canpotex, the offshore marketing company for Canadian potash producers Potash Corp, Agrium and Mosaic, has agreed to sell 350 000 t of potash to China's Sinofert before the end of March. The sales agreement was at “competitive prices”, Canpotex said in a statement. 

Western Potash publishes resource estimate for Saskatchewan project

By: Liezel Hill     3rd February 2010 Canadian junior Western Potash has completed an initial resource estimate for its Milestone property, in southern Saskatchewan, of 32-million tons in indicated potash resources, plus 230-million tons in the inferred category. “Our board is extremely satisfied with the initial results of the... 

Rio Tinto sells part of Alcan Packaging for $1,95bn

By: Esmarie Iannucci     2nd February 2010 Diversified mining giant Rio Tinto on Tuesday reported that it had completed the sale of part of its Alcan Packaging business to Australia’s Amcor for $1,95-billion. The company sold the pharmaceuticals, global tobacco, food Europe and food Asia divisions. 

MagIndustries inks accord with China National for Congo potash project

By: Liezel Hill     2nd February 2010 TSX-listed MagIndustries has signed a project development framework with China National Complete Plant Import & Export Company (Complant), for the financing and development of its Mengo potash project, in the Republic of Congo. If all goes to plan, construction could begin on the 1,2-million ton... 

BPC-China potash settlement too low – Potash Corp's Doyle

By: Liezel Hill     28th January 2010 The $350/t price settlement for potash reached between Russia's Belorussian Potash Company (BPC) and Chinese buyers is too low, and it would be “a mistake” for North American producers to agree to the same price, Potash Corporation of Saskatchewan CEO Bill Doyle said on Thursday. BPC will likely... 

Potash Corp earnings down 69%

By: Liezel Hill     28th January 2010 Fertiliser product producer Potash Corporation of Saskatchewan earned $243,6-million in the fourth quarter of 2009, 69% lower than net profit of $788-million reported a year earlier, as the global economic downturn continued to weigh on sales volumes and prices. For the full year, the company... 

BHP Billiton to buy Canadian potash junior

By: Liezel Hill     28th January 2010 BHP Billiton, the world's biggest mining company, has agreed to pay C$341-million in cash for Canadian potash hopeful Athabasca Potash, the companies announced on Thursday. Athabasca's flagship Burr project is located next to BHP Billiton's own Jansen project, in the province of Saskatchewan,... 

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