Stock in Allana Potash Corp jumped by more than 10% to $2.14 with almost 3m shares changing hands – more than double the daily average – by noon on Monday after the company announced it has intersected three zones of potash mineralization - one of which returned the highest grade potash on the project to date – in the southwest portion of the company's land position. Listed on the TSX-Venture exchange Allana's major focus is on a previously explored potash property in Ethiopia with among others the backing of the World Bank. The counter is up close to 200% so far this year and most of the assets at the company's 160 square km Dallol project are still being quantified.
Potash Mining News
Rentech, Inc. (NYSE AMEX: RTK) today announced that Rentech Energy Midwest Corporation (REMC), its wholly-owned nitrogen fertilizer subsidiary, closed $150 million of debt financing.
Goldman Sachs is to launch a commodities index with Clive Capital, the world's largest commodity hedge fund, the Financial Times reported on Monday citing a source familiar with the product.
Yesterday we talked about an exciting opportunity in wheat, and since it’s Futures Friday today, I thought we’d discuss corn. Whether or not you trade grains, it’s still important to pay attention to what’s happening […]
Ethiopia is set to hit its target of more than doubling mining exports to an annual $1 billion ahead of time, the country's mining minister told Reuters, as it promotes gold extraction, but also fertilizer ingredient potash. Ethiopia, though still reliant on commodities like coffee for revenue, is expected to earn around $500 million from mining exports in the financial year to next July, the minister said. It had targeted doubling that over five years from 2010/11.
Canada's benchmark stock index inched up on Thursday, led by gains in the materials sector and better-than-expected economic news south of the border, The Montreal Gazette reported: The S&P/TSX composite index gained 71.95 points, or 0.55%, to 13,255.74 -still well below its highest point so far this year, 14,270.53, posted April 5, but a welcome sight after its longest string of losses since 2006. Saskatchwan PotashCorp led the market uptick, rising 3.39% to $53.98 on news of climbing US. corn futures. Agrium Inc. rose 2.61% to $82.49.
Mining Weekly reported that Verde (CVE:NPK) sees itself eventually meeting all of the demand for potash in Brazil. The market news is quoted as saying: “We’ve got 10.5-million tons of resources at 10.3%…we’re talking about a potential billion tons of potash there,” spokesperson Iwona Zakrzewski said.
Migao Corporation (TSX:MGO), a China-based leading specialty potash fertilizer producer, this week reported financial results for the year ended March 31, 2011. Migao reported net income of $34.5 million or $0.66 per basic share from record revenues of $317.0 million (RMB 2.1 billion) for the 12-months ended March 31, 2011 as compared to net income of $38.3 million or $0.80 per basic share from revenues of $269.1 million (RMB 1.7 billion) for the year ended March 31, 2010. EBITDA for the year was $34.5 million as compared to $38.3 million in the prior year.
Despite weeks of negotiations, India has yet to reach a potash supply agreement with major potash suppliers, includingCanpotex, and is holding out for a lower price in order to bridge the gap between the international price of potash and the benchmark import parity price fixed by the government.
No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We […]
IC Potash Corp. on Thursday announced that the company has received final approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares on the TSX. The common shares of IC Potash are expected to commence trading on the TSX on Friday, June 10, 2011 under the symbol "ICP".
Passport Potash completes initial phase drill program on Twin Buttes: set to release first drill results next week
Passport Potash Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to announce the completion of the initial phase of drilling on the company's Twin Buttes land holdings in the Holbrook Basin. Since 2009, the company has completed 19 holes, including eight rotary holes and eleven core holes. Passport is currently drilling on its southern block of land holdings and has been permitted to drill on its east side holdings. When the current exploration program is complete the total number of holes drilled by Passport will be 34.
Western Potash announced that the Company has received conditional approval for the listing of its common shares on the Toronto Stock Exchange. Upon filing and acceptance of the final listing application and related documentation, the Company’s shares will commence trading on the Toronto Stock Exchange and be de-listed from the TSX Venture Exchange.
Canada’s Rodinia Lithium Inc. announced on Wednesday encouraging results from its continued reverse circulation drill program at its Salar de Diablillos project located in Salta Province, Argentina close to FMC Corp’s lithium mine, the world’s third largest. Rodinia focuses on lithium exploration and development in North and South America and the commercialization of a significant potash co-product that is expected to be recoverable through the lithium harvesting process. Listed on the TSX-Venture exchanged, shares in the tightly held junior had lost over 4% in afternoon trade.
The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.
Ringbolt Ventures announced on Tuesday it has engaged the services of Beeman Drilling Services to undertake a potash drilling program on its Lisbon Valley Project in Utah, part of the Paradox Basin, an area which according to the United States Geological Services contains over 2bn tons of potash. The TSX-Venture listed company has another other potash project in Arizona’s Holbrook Basin as well as a prospective uranium property in the Hornby Basin of Canada’s North West Territories. Shares of the thinly traded company are up over 110% so far this year at $0.295.
Cash-strapped ex-Soviet republic Belarus is negotiating the sale of its most prized asset, the potash producer Belaruskali, under the terms of a $3bn bail-out loan agreed this month with Russia, the Wall Street Journal reported on Tuesday. Responsible for one-third of the worlds potash fertiliser production, Belaruskali could be worth as much as $20bn. A frontrunner for a takeover is Russia's top producer Uralkali owned by billionaire Suleiman Kerimov. The combined group would easily push Canada's Potash Corp. from the top producer spot.
Canadian Business reported that potash is not getting to big a boost from rising crop prices. Wayne Brownlee, chief financial officer with Potash Corp. of Saskatchewan, made the comments at an industry conference on Wednesday: […]
Mining Weekly Online quotes Karnalyte Resources CEO Robin Phinney as saying that its Wynyard project in Saskatchewan has enough resources to eventually produce 6m tons of potash a year and that the company is considering bringing in joint venture partners to do so. Karnalyte initially expects to ramp up production by 500,000 tons per year to reach 2m tons by 2016/2017 at a cost of $1.5bn. The company on Friday was trading at $11, up 42% since it debut on the TSX mid-December last year.
Ethiopian Potash announced the appointment of Robert J. Metcalfe as a director of the Company and the simultaneous resignation of Wally Rudensky from the board of directors.
Rio Tinto and Chinalco will be positioning their drills in Mainland China, the two companies announced today, in a new exploration joint venture to operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX). According to a press release issued by Rio Tinto, the primary focus of CRTX will be copper exploration, with coal and potash to be considered later.
Canadian potash producers are ramping up production targets in anticipation of increasing demand for the mineral, as farmers buy more fertilizer to boost crop yields. On Wednesday Saskatchewan Potash Corp. said it will squeeze an additional 5 million metric tonnes of potash capacity from its existing mines, according to company CFO Wayne Brownlee, speaking at an investor conference in Toronto.
Let me begin by saying that I believe the premise of this question is mistaken. It is quite incorrect to think that fossil fuel resources are finite. It may be true that there is a finite quantity of such resources in the earth's crust, but that does not mean that we will ever run out.
Two separate Wall Street reports gave fertilizer producers a boost on Tuesday. Investment bank Citigroup upgraded its recommendations for the two top producers Mosaic and Potash Corp. of Saskatchewan to buy citing strong global agricultural fundamentals and reduced Chinese exports. In a separate opinion Barron's magazine over the weekend said Mosaic's stock is worth a look as potash prices are predicted to rise throughout the year thanks to depleted inventories and consolidation among Russian producers.
American Potash LLC, a corporate joint venture owned equally by Confederation Minerals Ltd. (TSX VENTURE:CFM) and Magna Resources Ltd. (CNSX:MNA), is pleased to announce the signing of a Memorandum of Understanding ("MOU") between American Potash […]