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(Dave Bedard photo)
Crops

PotashCorp, Mosaic profits climb less than expected

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Reuters — North America’s two biggest potash producers, PotashCorp and Mosaic Co., reported larger first-quarter profits on Thursday, but results missed expectations. Saskatoon-based PotashCorp, the world’s biggest fertilizer maker by market capitalization, cut its full-year profit forecast, and both companies warned potash prices could slide. Prices are yet to recover after a collapse in 2013,
(Dave Bedard photo)
Crops

Cost-cutting Mosaic CEO collects $5.5M pay raise

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Reuters — U.S. fertilizer producer Mosaic Co. boosted its CEO’s pay last year by more than $5 million as a reward for slashing costs and jobs, a regulatory filing shows. Construction of excess potash capacity and fiercer competition have pressured the sector, and leading North American producers Mosaic, PotashCorp and Agrium have chopped expenses. Mosaic
(Dave Bedard photo)
Crops, Markets

Mosaic bracing for royalty hit from Sask. potash policy

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U.S. fertilizer firm Mosaic Co. expects Saskatchewan’s new changes to its potash royalty structure to cost the company up to an extra US$100 million in 2015. Minnesota-based Mosaic said Monday its “expected impact” from Saskatchewan’s retroactive move in its 2015 budget will increase the company’s 2015 pre-tax payments by $80 million to $100 million (all
(Photo courtesy Agrium)
Crops, Markets

Saskatchewan aims to ease potash tax’s price reliance

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Winnipeg | Reuters — Resource-rich Saskatchewan wants to change the taxes it charges on production of potash, to better reflect output and lessen the influence of potash prices, the province’s economy minister said Thursday. Potash prices have weakened since 2012 as capacity has increased. Competition has also sharpened since the 2013 breakup of Belarusian Potash
Crops, News

Mosaic to mine phosphate in Saudi Arabia

reuters / U.S. fertilizer producer Mosaic plans to invest up to $1 billion in a joint venture to produce phosphate in Saudi Arabia, giving the Minnesota-based company a road into India and other growing Asian markets. Mosaic will own one-quarter of the $7-billion project, with the remainder held by two Saudi companies. Phosphate production has
Crops

Mosaic profit falls on weak China sale

reuters / Mosaic’s quarterly operating profit fell 30 per cent and the fertilizer producer said it expects potash margins to fall further in its current quarter, a reflection of its recent low-priced contract with China. China has been aggressively negotiating for lower potash prices. In December, Sinofert Holdings signed a deal with Canpotex — the
Crops, News

BHP in no rush to build potash mine

Reuters / BHP Billiton says it won’t decide soon on whether to build the world’s biggest potash mine in Western Canada, a project some say would exacerbate a global glut of the fertilizer. In late August, BHP pushed back to at least June 2013 a decision on building an eight-million-tonne mine at Jansen, Sask., but

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