Canpotex Announces New Long-term Supply Agreement

Oct 28, 2010, 12:25 ET from Canpotex Limited

SASKATOON, Oct. 28 /PRNewswire/ - Canpotex Limited (Canpotex) today announced the signing of a new five-year agreement to supply Coromandel International Limited (CIL), a key customer in India, with up to three million metric tons of Saskatchewan potash.

The inaugural multi-year agreement between Canpotex and CIL covers the period April 1, 2011 to March 31, 2016. Canpotex will supply a minimum of 500,000 metric tons annually.

"This agreement confirms Canpotex's long-term commitment to the important Indian market; and reflects the confidence our Indian partner, CIL, has in Canpotex's ability to meet their growing potash requirements," stated Mr. Steve Dechka, Canpotex's President and Chief Executive Officer.

Canpotex, through market development initiatives, collaborates with CIL to promote balanced fertilizer applications. "Educating farmers through field trials, crop seminars and other learning opportunities  is an important aspect of our market development initiatives, and we are pleased to assist CIL with these programs," added Mr. Dechka.

Operating continuously since 1972, Canpotex is the exclusive offshore marketing company owned by the three Saskatchewan potash producing companies: Agrium Inc. (TSX and NYSE: AGU), Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and Potash Corporation of Saskatchewan Inc. (TSX and NYSE: POT).

Agrium supplies Canpotex with 9.28% of its potash product, Mosaic 37.11%, and PotashCorp 53.61%.

SOURCE Canpotex Limited