Canpotex Limited, the offshore marketing company jointly owned
Potash Corporation of Saskatchewan Inc.
The Mosaic Company
), announced that it has signed a deal with Sinochem Fertilizer
Macao Commercial Offshore Limited, a subsidiary of China's
Sinofert Holdings Limited (Sinofert), to supply one million tons
of potash in the first half of 2013.
The deal was made under a three-year Memorandum of Understanding
with Sinofert, signed in October 2010. The price under the new
agreement reflects a $70 per ton reduction compared to the same
under the previous agreement established in March last year.
Sinofert Holdings Limited is the largest supplier and distributor
of fertilizers in China, covering the whole industry chain of
resources, R&D, production, distribution, and agrochemical
services. Canpotex is the world's largest exporter of potash as
well as an international marketing and distribution company.
Potash is a major raw material for fertilisers that are used to
stimulate plant growth, especially food crops.
Potash Corporation, also known as Potash Corp., is a Canadian
corporation based in Saskatchewan. The company is the world's
largest producer of potash and the third largest producer of
nitrogen and phosphate - three primary crop nutrients used to
In October 2012, Potash Corp. released its third-quarter 2012
results. The company's earnings came in at 74 cents per share,
surpassing the Zacks Consensus Estimate by a penny, but falling
well short of the year-ago earnings of 94 cents.
Sales in the quarter came in at $2,143 million, down 7.7% from
$2,321 million a year ago, but beat the Zacks Consensus Estimate
of $2,026 million. The year-over-year decline was due to reduced
offshore potash sales arising from the delay of new supply
contracts with China and India.
Potash Corp. retains a Zacks #4 Rank, reflecting a short-term
(1 to 3 months) Sell rating. Currently, we have a long-term (more
than 6 months) Neutral recommendation on the stock.
AGRIUM INC (AGU): Free Stock Analysis Report
MOSAIC CO/THE (MOS): Free Stock Analysis
POTASH SASK (POT): Free Stock Analysis Report
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