Moody’s Investor Service on Friday downgraded the credit rating of Potash Corp. of Saskatchewan, citing concerns of a longer-than-expected fertilizer slump, ahead of the company’s planned merger with rival Agrium Inc.
PotashCorp Mining News
Province wants to assess the remaining potash resource, if any, near the now closed Penobsquis mine.
Allan and Lanigan will stop producing for 4 weeks starting on March 20.
The company recently announced the closure of its new potash mine in New Brunswick, resulting in the loss of up to 430 jobs.
Recommitted to organic growth.
After being practically absent from the Indian market for two years, the Russian firm has signed a three-year supply contract with IPL.
Minimum of 1.9 million metric tons of red standard-grade potash over three years.
The price is also about 25% below what India paid last year to the now defunct Belarusian Potash Co., which Uralkali owned jointly at the time with Belaruskali.
Though company points to signs that demand is picking up.
The world's biggest potash producer will sell 700,000 tonnes to China for $305 per tonne in the first half of 2014.
'2013 is likely to go down as one of the worst years in the history of the fertilizer industry,' the Motley Fool recently wrote.
Profit drops 45% in Q3 2013.
The potash world appears ready to go back to its oligopolistic ways.
Temporary delay in potash shipments from Saskatchewan mines.