Financial markets — including commodities — surged after details from the highly-anticipated EU Summit were released. Germany's demand that private investors be a part of any Greek bailout, which will likely be considered a partial default by ratings agencies, seems to have been met.
Potash Mining News
BHP Billiton has received notice from the Saskatchewan Ministry of Environment that ministerial approval has been granted for the development of the Jansen potash project in Saskatchewan. BHP Billiton submitted the Environmental Impact Statement in December 2010 in accordance with the Environmental Assessment Act.
Scarborough Evening News reported that test drilling has been approved for a potential potash site near Scarborough, UK. Once the test drilling is completed Sirius says it then plans to study the results alongside geological and seismic studies to determine where the mine head will be placed.
Strong metal and oil stocks lift the TSX Composite Index Tuesday as the loonie rallies on expectations of eventual rate hike.
Allana Potash Corp. CA:AAA -0.73% announces today its support to the relief efforts following the drought and resulting famine inEast Africa with a pledge of $100,000 to the Ethiopian government.
Reuters reports: Shares of Potash Corp and other fertilizer producers ebbed on Monday despite bullish industry data as a decline in U.S. corn and wheat prices signaled weaker demand for crop nutrients. PotashCorp said on its website that potash inventories at the end of June fell more than 270,000 tonnes from the previous month, with North American inventories about 26% below the prior 5-year average.
Commodities don’t all perform in the same way. In any given year, a particular commodity will go gangbusters and outperform the group.
Grizzly provides update on Alberta Potash Project – commences seismic data acquisition and interpretation
Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) provides the following update for its Alberta Potash Project:
Falls among commodity issues sapped the strength of Britain’s top share index yesterday, as worries over global growth clouded the demand outlook for metals and oils. At the close, the FTSE 100 index was down 59.48 points.
The Financial Post reported a Citi analyst’s case for bullishness on potash: Fall is expected to be a strong season for fertilizers after spring application came in 10% lower that expected because of a slow start to planting. With grain prices riding high, farmers are expected to use more fertilizers to maximize yields.
India's Department of Fertilisers raised concerns with the country's Foreign Affairs minister on Thursday over 2011 prices set by Canpotex, the company that markets and distributes Saskatchewan's potash globally. India's farming co-ops have halted imports due to the impasse and while waiting for a government decision on import subsidies. At over 6 million tonnes/year India is the biggest importer but says it pays much higher prices than a country like China can negotiate.
Australia's Orocobre Limited advised on Thursday that it is now in receipt of the analytical results from the brine samples taken during the core drilling program at the Salinas Grandes Lithium-Potash project in Salta Province, […]
Reuters reported that the EU lifted trade barriers from Russia and Belarus by cutting import duties on potash. Continue reading...
On only the second day of trading in Western Potash Corp. common shares on the main board in Toronto, investors were already abandoning the stock in droves. The junior player in Saskatchewan’s potash industry ended Wednesday down 5.5% after an analyst downgraded the stock. Western Potash is in the pre-feasability stage of its Milestone Project in the south of the province where it hopes to mine almost a billion tonnes of potash using steam.
Transit Holdings Ltd (ASX: TRH) announces that the total JORC exploration target estimate for the Paradox Basin Potash Project, Utah (TRH: 90%), has increased by over 1.0 billion tonnes and the average projected grades of the individual beds have increased by about 5% KCl in grade. In total, the exploration target for the company's flagship US potash asset has been upgraded from 2.5 to 3.8 billion tonnes of sylvinite ore at an average grade of 19% to 29% KCl to 3.4 to 5.2 billion tonnes of sylvinite ore at an average grade of 23% to 34% KCl.
Reuters reported that Israel Chemicals (TLV:ICL) will supply an additional half million tons of potash to Chinese customers in 2011.
Bloomberg reported that Russia's attempt to capture a huge stake in global potash resources from Belarus may be trumped by China.
CuDeco Limited (ASX:CDU) said today that FIRB has approved Oceanwide International Resources Investment Co. Limited to increase its shareholding in CuDeco to 19.9% through a further 15 million share subscription at A$3.80 per share. The raised funds will be utilised for CuDeco's flagship Rocklands Group Copper Project in Cloncurry in northwest Queensland. The Project is expected to commence commissioning in late 2012 or early 2013.
Globes reports Israel Chemicals, a unit, ICL Fertilizers, will sell potash to its Chinese customers at $470 a ton, $70 a ton higher than prices to China during the first half of 2011. Under the terms of the current contract, 500,000 tons will be delivered in the second half of 2011 for $235 million. ICL reported that since 2010, it has broadened its customer base in China, and sells potash directly to Chinese fertilizer producers and distributors. ICL, which is controlled by Israel Corp, is the world's sixth-largest producer of potash.
Potash will play a huge role in Saskatchewan's predicted economic growth of an average rate of 3.5% over 2011 and 2012, according to the latest economic forecast by Scotiabank. Potash production is expected to climb close to its 2007 peak of 11 million tonnes in 2011, after suffering a dramatic 60% drop during the recession of 2009.
Stocks of Allana Potash Corp was trading slightly up at midday on Thursday after the company announced it had intersected strong potash mineralization in an area not previously drilled at its 160 square km Dallol project in Ethopia. Listed on the TSX-Venture exchange Allana's East Africa project has the backing of the World Bank and most of the assets there are still being quantified. The value of the company has doubled in 2011 and investors who bought the stock in July last year would have enjoyed a four-fold return.
Dow Jones reports Argentina's Mendoza Province has lifted its suspension of the multibillion dollar Rio Colorado potash mine project being developed by Brazilian mining company Vale SA. Mendoza's Environmental Secretariat has allowed Vale to move forward with the mine after the company agreed to submit reports on its local hiring and procurement practices to the local authorities, the provincial government said in a statement.
IC Potash, which hopes to build a potash mine in New Mexico, on Tuesday said a study it paid consultants UK-based CRU Strategies to conduct on its Ochoa project found “excellent market potential” for future production of sulphate of potash (SOP).
The Yorkshire Post reports Sirius Minerals has started a concept study at its York Potash project, paving the way for mining to begin at the UK’s only seam of potash. Sirius has secured mineral rights for 631 sq km of land between Whitby and Scarborough with plans to open a new potash mine and create up to 5,000 jobs. Sirius is about to start drilling two temporary boreholes in the North York Moors National Park. Once it gets an idea of what the potash seam looks like under the ground it can plan where to site the mine.
Potash miner Mosaic will have to continue supplying rival PotashCorp with potash while a court reviews whether a supply deal between the two companies has ended, the Manitoba Co-operator reported: Minneapolis-based Mosaic Co. said Thursday it has been ordered by Saskatchewan's Court of Queen's Bench to keep supplying PotashCorp with potash from the Mosaic mine at Esterhazy, Sask., as per the terms of a tolling agreement which Mosaic claims was concluded in May.