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The Mosaic Company Announces Canpotex Sinochem Agreement
MINNETONKA, Minn., Nov. 5 /PRNewswire-FirstCall/ -- The Mosaic Company
(NYSE:MOS) announced today that Canpotex Limited (Canpotex), the offshore sales
association for Saskatchewan potash producers, has entered into an agreement to
sell 2.1 million tonnes of potash to Sinochem Corporation (Sinochem) for 2005.
The agreement includes 1.5 million metric tonnes of red standard grade potash,
0.3 million metric tonnes of granular grade potash, and 0.3 million metric
tonnes of white standard grade potash covering the 2005 calendar year. The
agreement provides for FOB Vancouver price increases of US$40.00 and US$43.00
per metric tonne, respectively, for red standard potash and white standard
potash over 2004 contract prices. The granular grade potash will be priced at
a $10 per tonne premium over the red standard potash.
The 2005 agreement covers the second year of the three-year "Memorandum of
Understanding" between Canpotex and Sinochem signed by the parties in August,
2003. "This new agreement will create an excellent base for the 2005 year and
gives us confidence that the potash market is likely to continue to be strong
during this period," said Fritz Corrigan, CEO and President of The Mosaic
Company.
Canpotex member companies are: Agrium Inc. (Agrium) (NYSE: AGU; TSX), The
Mosaic Company (Mosaic) (NYSE:MOS) and Potash Corporation of Saskatchewan Inc.
(PotashCorp) (NYSE: POT; TSX). Agrium supplies Canpotex with 9.13% of its
potash product, Mosaic 36.67% and PotashCorp 54.20%.
Canpotex Limited of Saskatoon, Saskatchewan was established in 1970 and is the
exclusive offshore marketing company for its members, the Saskatchewan potash
producers.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of
concentrated phosphate and potash crop nutrients. For the global agriculture
industry, Mosaic is a single source for phosphates, potash, nitrogen
fertilizers and feed ingredients. Mosaic was formed through the 2004
combination of IMC Global Inc., and Cargill Crop Nutrition, a business unit of
Cargill, Incorporated. Based in Minnetonka, Minnesota, Mosaic serves customers
in 50 countries through phosphate production facilities in Florida, Louisiana
and the growth markets of Brazil and China; potash production facilities in New
Mexico, Michigan and Saskatchewan, Canada; a joint venture interest in the
Saskferco Products Inc., nitrogen production facility, and; distribution and
customer service operations in 15 countries. Mosaic's consolidated annual
revenues are expected to exceed $4.5 billion and its common stock trades on the
New York Stock Exchange under the symbol MOS. More information on the company
is available at http://www.mosaicco.com/ .
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about future financial and operating
results, the predictability of fertilizer markets subject to competitive market
pressures, changes in foreign currency and exchange rates, international trade
risks including, but not limited to, changes in policy by foreign governments.
Such statements are based upon the current beliefs and expectations of The
Mosaic Company's management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the
forward-looking statements.
DATASOURCE: The Mosaic Company
CONTACT: Media, Linda Thrasher, +1-952-984-0350, or Investors, Douglas
Hoadley, +1-952-984-0234, both of The Mosaic Company
Web site: http://www.mosaicco.com/