Archive | Potash/Phosphate

Potash Market Rebound in ‘Full Force’ as Global Demand Improves – by Jen Skerritt (Bloomberg News – April 27, 2017)

https://www.bloomberg.com/

Potash prices are recovering after a decade of weakness, lifting the prospects of a turnaround in fortunes for fertilizer companies following a slump in farm spending.

Potash Corp. of Saskatchewan Inc., the world’s second-biggest producer, boosted its full-year earnings forecast on Thursday and said strong demand will continue for the rest of the year as North American farmers seek to replenish soil nutrients after record harvests. Chinese potash shipments are expected to increased in 2017, it added.

The Canadian company’s performance suggests the potash recovery is in “full force,” Sanford C. Bernstein & Co. analyst Jonas Oxgaard said in a note. Canpotex — the joint venture handling overseas sales for Potash Corp. and its two largest North American peers, Agrium Inc. and Mosaic Co. — has kept the market tight and driven up prices, while volumes have exceeded expectations in North America and export markets, a positive sign for the companies, he said. Continue Reading →

Western Potash announces plans to move ahead on Milestone Project – by Ashley Robinson (Regina Leader-Post – April 16, 2017)

http://leaderpost.com/

The Rural Municipality of Lajord isn’t holding its breath when it comes to the Western Potash project at Milestone. “(Western Potash) told us eight years ago they’re going to be (building it) so thats the bottom- line. I can’t get excited anymore, when we see things move ahead then we’ll start getting excited,” said Erwin Beitel, reeve of RM of Lajord.

The long-delayed potash mine is once again slated to move forward. On Tuesday, Western Potash held an open house in Kronau — one of many held over the years.

The project was first proposed in 2009, with an original plan to produce 2.8 million tonnes of potash per year. At the time potash prices were US$400 per tonne, but then the economy dipped and potash prices fell, causing the project to be delayed. Continue Reading →

Federal government passes landmark First Nations mining regulations – by Alex MacPherson (Saskatoon StarPhoenix – March 30, 2017)

http://thestarphoenix.com/

A landmark law passed this week by the federal government helps pave the way for a Saskatchewan First Nation and a Toronto-based potash development company to build the country’s first on-reserve mine northeast of Regina.

The “unprecedented” legislation under the First Nations Commercial and Industrial Development Act (FNCIDA) will apply provincial regulations to the $3-billion mine proposed by Enancto Potash Corp. and Muskowekwan First Nation.

“This represents a critical piece … to ensure a favourable investment climate for the development of the first potash mine on First Nations land,” Encanto president and CEO Stavros Daskos said in a statement. Continue Reading →

NEWS RELEASE: First Nations Commercial and Industrial Development Act Finalized by Order in Council to Allow for Future on Reserve Potash Mine Development

TSXV: EPO

VANCOUVER, March 29, 2017 /CNW/ – Encanto Potash Corp. (“Encanto” or the “Company”) (TSXV: EPO) announces that an Order in Council P.C. 2017-258 was issued on March 24, 2017 by the Governor in Council, ending a multi-year process that has culminated in the successful conclusion of the First Nations Commercial and Industrial Development Act (“FNCIDA”) process and the delivery of the Muskowekwan First Nation Solution Potash Mining Regulations into law.

The process enables the Muskowekwan First Nation, who had decided to pursue a large scale commercial or industrial on-reserve project (in this case, a large scale potash mine partnered with Encanto Potash) to request the Government of Canada to develop regulations applying to this specific project on a specific piece of reserve land.

FNCIDA works by essentially reproducing the provincial rules and regulations that apply to similar large-scale commercial or industrial projects off reserves and applying them to a specific on-reserve project. Continue Reading →

Encanto Potash and Muskowekwan First Nation sign new mining regulation agreement – by Alex MacPherson (Saskatoon StarPhoenix – February 28, 2017)

http://thestarphoenix.com/

Encanto Potash Corp. has signed an agreement with Muskowekwan First Nation and the provincial and federal governments that it says will pave the way for construction of its proposed potash mine on the reserve northeast of Regina.

The agreement is expected to lead to the first First Nations Commercial and Industrial Development Act (FNCIDA), legislation that applies existing provincial rules to large-scale projects on First Nations land, the Toronto-based company said in a news release.

“By achieving this milestone, the first ever for such a planned large scale operation in Canada, we have been breaking entirely new ground,” Muskowekwan Chief Reginald Bellerose said in a statement. Continue Reading →

World’s biggest miner hasn’t given up hope for potash – by Cecilia Jamasmie (Mining.com – February 21, 2017)

http://www.mining.com/

BHP Billiton (ASX, NYSE:BHP) (LON:BLT), the largest mining company by market capitalization, sees potash as a key commodity in which to base its future growth despite prices are still hovering just above $210 a tonne, less than a half what they were only five years ago.

“Our preference long term is to grow in oil and copper, then possibly potash,” the firm’s chief executive officer Andrew Mackenzie said when releasing first half of the year results Tuesday.

BHP seems to be in no rush to advance its massive $2.6 billion Jansen potash project in Canada’s Saskatchewan province. For years the company has been sinking shafts and installing some infrastructure on site, but has not fully committed itself to the project, nor received board approval for the mine. Continue Reading →

UPDATE 4-Potash slump drags on as competition overheats – by Rod Nickel (Reuters U.S. – January 26, 2017)

http://www.reuters.com/

Jan 26, 2017 – The deepest slump in a decade for the oversupplied potash fertilizer market may abate only slightly in 2017, major producers say, and could take years to correct due to the imminent startup of new mines.

Canada’s Potash Corp of Saskatchewan Inc , the biggest fertilizer producer, forecast a much less profitable year on Thursday than analysts expected, and reported a surprisingly big drop in quarterly profit.

Potash prices are hovering around their lowest levels since 2007, amid bloated capacity and weakening farm incomes. Adding to miners’ problems, new low-cost mines are scheduled to begin production. Continue Reading →

[Florida phosphate mining] Mosaic wants to rezone 3,595 acres from agriculture to extraction – by Dale White (Sarasota Herald Tribune – January 25, 2017)

http://www.heraldtribune.com/

MANATEE COUNTY – At what is expected to be a contentious public hearing Thursday, the Manatee County Commission will consider Mosaic Fertilizer’s request to expand one of its phosphate mines.

Commissioners have already received hundreds of pages of correspondence from supporters and opponents of the Wingate East mine proposal, as well as numerous phone messages. (Read some of the public’s comments here.)

Because they want to attend a meeting at which the Palmetto City Commission is to approve its commitments for a proposed hotel adjoining the Bradenton Area Convention Center, the commissioners intend to pause the proceedings at 5 p.m. If the hearing has not been concluded and they have not rendered a decision, the commissioners will resume the hearing at 10 a.m. Monday. Continue Reading →

Vancouver junior inks $1 billion a year potash deal – by Frik Els (Mining.com – January 18, 2017)

http://www.mining.com/

Encanto Potash Corp. (CVE:EPO) on Wednesday announced the finalization of a blockbuster agreement with India’s national farmers co-operative to supply a minimum of 5 million tonnes of potash per year for the next twenty years.

Vancouver-based Encanto’s is advancing a $2.9 billion potash project in the Saskatchewan province of Canada in a joint venture with the Muskowekwan First Nation.

Encanto President Stavros Daskos said the deal is “clearly a defining moment for our company and the industry. India imports 100% of its potash and is susceptible to cartel-like practices from producers that can hurt its national food security.” Continue Reading →

Encanto Potash Corp. one step closer to financing $3B mine on Sask. First Nation – by Alex MacPherson (Saskatoon StarPhoenix – January 6, 2017)

http://thestarphoenix.com/

A junior mining company with plans to build a potash mine on a reserve northeast of Regina says two new 20-year agreements to sell a total of seven million tonnes of potash annually bring it one step closer to financing and building the massive facility.

The agreements, known as offtakes, with “bankable” India-based firms should help Encanto Potash Corp. secure the $3 billion it needs to build the mine on Muskowekwan First Nation, said the Vancouver-based company’s director of corporate development.

“We think that with this offtake, we can get our corporate financing,” Gary Deathe said, adding that while no junior mining company has successfully financed a potash operation into production, that is “100 per cent” Encanto’s plan. Continue Reading →

Phosphate industry has a large footprint in Florida – by Zach Murdock (Sarasota Herald-Tribune – December 20, 2016)

http://www.heraldtribune.com/

SARASOTA – Four area environmental groups announced Tuesday that they plan to sue two federal agencies over approvals of more than 50,000 acres for phosphate mining across central Florida.

The groups contend the operations “irretrievably damage habitat for imperiled species, threaten water quality and forever change Florida’s landscape” in and around critical watersheds that are a major source of drinking water for hundreds of thousands of Southwest Florida residents, including Manatee and Sarasota counties.

The joint lawsuit will be filed by the Center for Biological Diversity, ManaSota-88, People for Protecting Peace River and Suncoast Waterkeeper against the U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service, according to the notice of intent to sue issued Tuesday morning. Continue Reading →

114 workers safe after underground fire at Sask. potash mine (CBC News Saskatoon – December 20, 2016)

http://www.cbc.ca/news/canada/saskatoon/

More than 100 workers at PotashCorp’s Allan mine are safe this morning after a fire underground. Yesterday afternoon, at around 3:30 p.m. CST, a fire started in a front-end loader in the mine. Nearby workers quickly put the fire out, but the area had already filled with smoke.

After fire alarms were triggered, all 114 workers underground at the time were sent to shelters while the smoke was cleared. “Fortunately, they got the fire out quickly,” said PotashCorp spokesperson Randy Burton. “It can become serious depending on the amount of smoke generated.”

Emergency response teams were sent out to vent the area and check on the safety of the workers. No one was hurt, although one worker was treated at the scene for smoke inhalation. Continue Reading →

Mosaic to Buy Vale’s Fertilizer Business for $2.5 Billion – by Paul Kiernan and Benjamin Parkin (Wall Street Journal – December 19, 2016)

http://www.wsj.com/

RIO DE JANEIRO—Brazilian mining firm Vale SA said Monday it will sell most of its fertilizer business to U.S.-based The Mosaic Company for around $2.5 billion, the latest step in its effort to pay down debt amid the commodity downturn.

The deal brings an end to Vale’s one-time hopes of capitalizing on global population growth by producing the fertilizers needed to cultivate crops.

For Mosaic, the acquisition represents a key foothold in one of the world’s largest fertilizer markets and should help feed existing distribution networks in Brazil, said Floris Bielders, Mosaic’s Brazil president. Continue Reading →

Everything you need to know about Saskatchewan’s potash industry cutbacks – by Alex MacPherson (Saskatoon StarPhoenix – November 24, 2016)

http://thestarphoenix.com/

Potash Corp. of Saskatchewan Inc.’s announcement that it plans to permanently reduce production at its Cory mine west of Saskatoon, resulting in 140 layoffs, and temporarily halt production at two other operations, is the latest in a long string of industry cutbacks this year. Here’s everything you need to know about Saskatchewan’s potash industry, and the challenges it faces.

Q: What does the province’s potash industry look like?

A: It’s dominated by three companies — PotashCorp, Mosaic Co. and Agrium Inc. — operating nine mines. A tenth, K+S Potash Canada’s Legacy project, is in the commissioning phase and expected to reach full production next year.

Together, these mines have a capacity of more than 30 million tonnes, or about half of total global demand. BHP Billiton has said its Jansen mine — which, at eight million tonnes per year, could be the world’s largest — could come online in the decade following 2020. Continue Reading →

Potash Corp. cuts jobs, Canadian potash output as prices sag – by Ian McGugan (Globe and Mail – November 24, 2016)

http://www.theglobeandmail.com/

Potash Corp. of Saskatchewan Inc. is slashing 140 jobs at its potash mine in Cory, Sask., as it continues to struggle with a glut of its namesake product. The company, which boasts the world’s largest capacity to produce fertilizer, has been hammered by falling prices as a wave of new potash production has overwhelmed global demand.

It is responding to the dismal market by cutting output, mothballing a large portion of its productive capacity and focusing on its lowest cost mines. It is also searching for potential synergies by merging with rival fertilizer producer Agrium Inc., which has a direct-to-farmer retail network.

Potash Corp. said Wednesday that it would trim production at the Cory mine to 0.8 million tonnes a year from 1.4 million. The cuts will mean the loss of 100 full-time and 40 part-time jobs. Continue Reading →