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AUG 7 2003

PotashCorp Announces New China Potash Memorandum of Understanding

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SASKATOON PRNewswire-FirstCall – Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported that Canpotex Limited has signed a three-year Memorandum of Understanding (MOU) with Sinochem, China's largest potash importer. The MOU states that over the next three calendar years Canpotex will ship a minimum of 1.5 million tonnes annually (plus a 10-percent option) at a price to be negotiated each year based on market circumstances. The MOU allows for growth as it guarantees that Canpotex will maintain its historical market share over the three-year period. Canpotex will supply the Chinese market through Sinochem exclusively during the period.

Canpotex is the offshore marketing agency for Saskatchewan potash producers and PotashCorp is its largest member, supplying 54.2 percent of its total sales volume.

Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, fourth largest in phosphate and third largest in nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and one of only three North American suppliers of industrial phosphates.

For further information please contact:

Betty-Ann Heggie
Senior Vice President, Corporate Relations
Phone: (306) 933-8521
Fax: (306) 933-8844

This release contains forward-looking statements, which involve risks and uncertainties, including those referred to in the Company's annual report to shareholders for 2002 and in filings with the U.S. Securities and Exchange Commission. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, fluctuation in supply and demand in fertilizer, sulfur and petrochemical markets; changes in competitive pressures, including pricing pressures; risks associated with natural gas and other hedging activities; changes in capital markets; changes in currency and exchange rates; unexpected geological or environmental conditions; and government policy changes.

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