PhosChem Announces Six Million Tonne DAP Contract With Indian Customers

LINCOLNSHIRE, Ill., March 22 /PRNewswire/ -- Phosphate Chemicals Export Association, Inc. (PhosChem) has reached a three-year agreement to supply six million tonnes of diammonium phosphate (DAP) to Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Indian Potash Limited (IPL), two large Indian customers.  PhosChem will ship approximately two million tonnes annually under the multi-year contract.  Shipments will occur over the period of April 2010 through March 2013.  Shipments for the first year of the contract are at a fixed market competitive price.  

"This historic three-year contract between PhosChem, IFFCO and IPL underscores PhosChem's long-term commitment to India's expanding crop nutrient industry," said Steve Paxton, President of PhosChem.  

About PhosChem

PhosChem was founded in 1974 in accordance with the provisions of the Webb-Pomerene Act and is the export marketing association for its members.  The Act was created to promote U.S. exports.  PhosChem is the largest exporter of concentrated phosphate from North America.  Its member companies include Mosaic Crop Nutrition, LLC, a wholly-owned subsidiary of The Mosaic Company (NYSE: MOS), and PCS Sales (USA), Inc., an indirect, wholly-owned subsidiary of Potash Corporation of Saskatchewan Inc. (TSE andNYSE: POT).

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future operations. Such statements are based upon the current beliefs and expectations of management of PhosChem and its members and are subject to significant risks and uncertainties. These risks and uncertainties include but are not limited to the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and the effects of the current economic and financial turmoil; international trade risks; changes in government policy; changes in environmental and other governmental regulation; adverse weather conditions affecting operations of PhosChem's members, including potential hurricanes or excess rainfall; actual costs of asset retirement, environmental remediation, reclamation or other environmental regulation differing from management's current estimates; accidents and other disruptions involving PhosChem's members' operations, including potential releases of hazardous or volatile chemicals, as well as other risks and uncertainties reported from time to time in the respective reports of PhosChem's members filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.

SOURCE PhosChem