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Title: China discovers huge potassium deposit
Source: [None]
URL Source: http://news.xinhuanet.com/english/2016-07/29/c_135550208.htm
Published: Jul 30, 2016
Author: staff
Post Date: 2016-07-30 05:32:38 by Tatarewicz
Keywords: None
Views: 361
Comments: 2

BEIJING, July 29 (Xinhua) -- A huge deposit of potassium, which China desperately needs for agriculture, has been discovered in the northwestern province of Qinghai, the Ministry of Land and Resources (MLR) announced Friday.

More than 156 million tonnes of potassium chloride was found during a preliminary exploration in the western part of the Qaidam Basin, according to the MLR.

More deposits are expected to be discovered, said the ministry.

The MLR called the recovery a "milestone" as China currently imports 70 percent of its potassium.

About 450 million mu (30 million hectares) of farmland in China uses potassium and about 6 million tonnes of potassium fertilizer is imported every year.

Canada, Russia and Belarus own 60 percent of the world's potassium fertilizer resources and production. Editor: Tian Shaohui

Poster Comment:

Not good news for Canada's economy.

Post Comment   Private Reply   Ignore Thread  

#1. To: Tatarewicz (#0)

Not good news for Canada's economy.

The U.S. still needs potassium, and large amounts of it to fertilize the many farms in the central U.S. and elsewhere. Florida and California have large agricultural areas, and so does Texas with cotton. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2016-07-30   7:13:42 ET  Reply   Trace   Private Reply  

Probably too early to buy shares:POT trading at $20.35 on Toronto P/E: 25

Potash Corp cuts dividend, profit forecast again; shares fall Reuters – Thu, 28 Jul, 2016

RELATED QUOTES Symbol Price Change POT.TO 20.35 -0.60 POT 15.60 -0.31 MOS 27.00 -0.65 AGU.TO 118.50 -1.77

(Reuters) - Potash Corp of Saskatchewan (Toronto:POT.TO - News) (NYSE:POT - News), the world's biggest fertilizer company by capacity, cut its full-year profit forecast and dividend for the second time this year on Thursday, and said that potash markets had bottomed out.

Prices for the fertilizer have fallen to their lowest level in a decade, weighed down by excessive mining capacity and soft export demand.

"We believe the uncertainty that weighed on potash market sentiment is now lifting and a recovery is beginning," Chief Executive Jochen Tilk said in a statement.

Potash will cut its quarterly dividend to 10 cents per share from 25 cents. Its shares were down 7 percent in New York and Toronto, and the U.S.-listed stock touched a low of $15.84. The stock is down 42 percent in the past 12 months.

Potash Corp "could sit at the bottom here for another year," said Bryden Teich, portfolio manager at Avenue Investment Management, which sold its Potash position in June.

"A year out, the fundamentals for the potash market still look murky," he said.

The company, which shut down its New Brunswick mine this year, may idle others once it completes expansion by next year of its lowest-cost mine at Rocanville, Saskatchewan, Tilk told analysts.

"We're looking at that in the context of what we see in 2017, what we think demand and supply is," he said, adding no decision has been made.

Canpotex Ltd, the export company owned by Potash, Mosaic (NYSE:MOS - News) and Agrium (Toronto:AGU.TO - News), is still negotiating a second-half supply contract with Chinese buyers, Potash said, unlike some rivals who have struck agreements.

Some of those deals are likely at a loss or thin margin, and Canpotex is taking a more cautious approach, Tilk said.

Canpotex has reached deals with Indian buyers for shipments during the next three months, Potash said.

Tilk said there is potential for record global demand in 2017 of 61 million to 64 million tonnes.

Potash cut its full-year profit forecast to a range of 40 to 55 cents per share, from 60 to 80 cents. The midpoint, 47-1/2 cents, would be its weakest profit in 12 years.

The company maintained its forecast for 2016 potash sales of 8.3 million to 8.8 million tonnes but expects that lower prices earlier in the year will weigh on results.

Potash's second-quarter net earnings fell to $121 million or 14 cents per share from $417 million or 50 cents per share a year earlier.

(Reporting by Rod Nickel in Winnipeg, Manitoba, and Arathy S Nair in Bengaluru; Editing by Jeffrey Hodgson and Matthew Lewis)

ca.finance.yahoo.com/news...ull-profit-101120084.html

Canpotex abandons plans for $775-million B.C. export terminal The Star Phoenix | Jun. 18, 2016

Canpotex Ltd., the overseas marketing arm of Saskatchewan’s three largest potash producers, has abandoned its plans to build a $775-million shipping terminal at the Port of Prince Rupert in British Columbia.

“This decision was made after careful deliberation of Canpotex’s current and anticipated terminal capacity needs, and the options we have to meet those needs” Canpotex’s president and CEO Ken Seitz said in a news release.

The potash marketing giant’s board of directors’ decision was “based on economic and commercial considerations” and the fact it currently has sufficient port capacity to meet its needs, according to the news release.

Weak potash prices force Mosaic to idle Colonsay mine, hundreds laid off Cecilia Jamasmie | Jul. 14, 2016 Weak potash prices force Mosaic to idle Colonsay mine, hundreds laid off Colonsay mine, located about 75 kilometres east of Saskatoon.

A sustained rout in potash prices pared with weak global demand for the fertilizer ingredient have forced Mosaic (NYSE:MOS) to idle production at its Colonsay mine, in Canada’s Saskatchewan, in a move that has left over 300 people out of work for the rest of the year.

The Plymouth, Minnesota-based company said the temporary shutdown will help it meet customers’ needs and reduce production costs. Mosaic added that 32 employees will remain employed for care and maintenance activities, and that it expected laid-off workers could come back in January 2017.

"Mosaic will rely on its lower-cost Esterhazy and Belle Plaine mines for potash production as it tries to weather challenging market conditions for the fertilizer."

Colonsay mine, located about 65 kilometres southeast of Saskatoon, is one of Mosaic’s three Canadian potash operations. The other two —Esterhazy and Belle Plaine — were not affected by the company’s cost-cutting measure.

United Steelworkers Union representative Mike Pulak told CBC News the layoff notices were given just two days after its members voted down Mosaic's latest contract offer, adding that the shut-down took most workers by surprise.

Mosaic’s senior director of public affairs, Sarah Fedorchuk, said the firm had been bargaining with the Colonsay union for over a year and that the decision to lay off the workers had nothing to do with the offer being voted down on Monday.

Mosaic is not the first producer to idle a potash mine this year. In January, PotashCorp (TSX, NYSE:POT) mothballed its new Picadilly potash operation in New Brunswick, dismissing more than 420 employees. A month later, it curbed production at its Saskatchewan operations.

Later, Intrepid Potash (NYSE: IPI) said it would close the high-cost West Facility in Carlsbad, New Mexico, in July, affecting about 300 employees.

Tatarewicz  posted on  2016-07-31   6:38:01 ET  Reply   Trace   Private Reply  

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