SASKATOON, SK, Jan. 20 /CNW/ - Canpotex Limited (Canpotex) today signed
a contract with Sinofert Holdings Limited (Sinofert) to supply 600,000
tonnes of potash during the first six months of calendar 2011 at price
levels similar to those recently established for new seaborne imports
of potash to China, and reflects an approximate $50 per tonne increase
over the 2010 China price level.
The contract is the first concluded under the new three-year Memorandum
of Understanding (MOU) signed with Sinofert in October, 2010. The
contract volumes are at the low end of the MOU range reflecting
Canpotex's tight potash supply position. Canpotex is now fully
committed for sales in the first calendar quarter of 2011, and has
significant volumes confirmed for the second calendar quarter.
"China has been a key market for Canpotex for almost 40 years, and this
contract is indicative of our ongoing commitment to this important and
growing market," stated Mr. Steve Dechka, Canpotex's President and
Chief Executive Officer.
Sinofert is China's largest integrated agricultural company. As a
long-term business partner, Sinofert collaborates with Canpotex in
delivering market development programs that provide farmer education to
improve yields through balanced fertilizer applications and other best
Operating continuously since 1972, Canpotex is the exclusive offshore
marketing company owned by the three Saskatchewan potash producing
companies: Agrium Inc. (TSX and NYSE: AGU), Mosaic Canada Crop
Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and
Potash Corporation of Saskatchewan Inc. (TSX and NYSE: POT).
Agrium supplies Canpotex with 9.28% of its potash product, Mosaic
37.11%, and PotashCorp 53.61%.
SOURCE Canpotex Limited
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