SASKATOON, SK PRNewswire-FirstCall – Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that Canpotex Limited, the offshore sales agency for Saskatchewan potash producers, has concluded negotiations for a 1.5 million tonne contract with Sinochem in China. This 2003 sale of Saskatchewan potash was concluded at flat pricing. PotashCorp also announced that, due to a number of factors, it expects 2002 full-year results will be lower than anticipated. The company now believes that fully diluted earnings per share will be in the range of US $1.00 to $1.10 compared to its previous guidance of $1.20. Cash flow is expected to remain strong at approximately $5.70 per share.

PotashCorp has signed an agreement with SQM to sell to it 8,000 tonnes per month of potassium nitrate for the period November 2002 to December 2003. PotashCorp anticipates that its Yumbes plant will run at approximately two-thirds of its capacity or 200,000 tonnes in 2003. Tonnes not sold to SQM are expected to be sold into the US market. This agreement will support the Company’s entry into the potassium nitrate market and allow us to more than double our sales volumes over 2002.

Increased offshore potash sales volumes were more than offset by lower nitrogen prices, as PotashCorp reported first-quarter net income of $12.8 million or diluted earnings per share of $0.24.

SASKATOON, SK PRNewswire-FirstCall via COMTEX Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported that Canpotex Limited has concluded a 1.3 million tonne contract for Canadian-sourced potash shipments to Sinochem in China. The sale covers shipments through July 2002 and is at price levels unchanged from last year.