Canpotex and Sinofert sign new contract
Canpotex Limited signed a contract with Sinofert Holdings Limited to supply 500,000 tonnes of potash in the second quarter of calendar 2012. The new contract includes an option to increase this tonnage by an additional 200,000 tonnes for delivery during that same period. Pricing is unchanged from the previous second half 2011 contract.
The contract is the third concluded under the three-year Memorandum of Understanding signed with Sinofert in October, 2010. Steven Dechka, Canpotex's president and chief executive officer, stated that this latest contract demonstrates the continued confidence Sinofert has in Canpotex's ability to meet the growing needs for potash in the important China market.
Sinofert is China's largest integrated agricultural company and a long-term business partner of Canpotex. Sinofert and Canpotex continue to collaborate on extensive market development programs in China that provide China farmers with the educational tools needed to improve yields through balanced fertilizer application and other best farming practices.
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 and Potash Corporation of Saskatchewan Inc.