Canpotex strikes potash deal with Indian customers

Stockhouse Editorial
0 Comments| April 4, 2014

Canadian potash marketing arm Canpotex Ltd. said Friday it has agreed to an annual contract with its government and private sector partners in India to supply approximately one million tonnes of potash at a price of US$322 per tonne.

Canpotex is an offshore marketing company owned by Saskatchewan potash producers Mosaic Co. (NYSE:MOSStock Forum), Agrium Inc. (TSX: T.AGUStock Forum), and Potash Corp. (TSX: T.POTStock Forum).

Canpotex President and CEO Steven Dechka said the new agreement demonstrates the once again the importance that Canpotex places on the Indian market and on supporting its loyal and long term customer base in India.

He said Canpotex plans to expand its market development programs in India in future to help provide Indian farmers with the educational and other tools needed to improve yields through balanced fertilization and best management practises.

Potash shares were almost unchanged on the news, rising 0.26% to $38.18, leaving a market cap of $32.5 billion, based on 851.6 million shares outstanding. The 52-week range is $45.13 and $29.67.


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