SASKATOON, Nov. 3 /PRNewswire/ - Canpotex Limited (Canpotex) today announced the signing of a new three-year agreement to supply Tata Chemicals Ltd. (TCL), a key customer in India, with a minimum of 1.5 million metric tons of Saskatchewan potash.
The multi-year agreement between Canpotex and TCL covers the period April 1, 2011 to March 31, 2014, and provides TCL with the option to extend the agreement for an additional two years to March 31, 2016. In the event the agreement is extended, the supply to TCL could total a minimum of 2.88 million metric tons.
Pricing will be at competitive rates based on prevailing market conditions.
"This agreement confirms Canpotex's long-term commitment to the important Indian market; and reflects the confidence our Indian partner, TCL, has in Canpotex's ability to meet their growing demand for potash," stated Mr. Steve Dechka, Canpotex's President and Chief Executive Officer.
Canpotex, through market development initiatives, collaborates with TCL to promote balanced fertilizer applications in India. "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 be able to assist TCL 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 andNYSE: AGU), Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and Potash Corporation of Saskatchewan Inc. (TSX andNYSE: POT).
Agrium supplies Canpotex with 9.28% of its potash product, Mosaic 37.11%, and PotashCorp 53.61%.
SOURCE Canpotex Limited
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