Canpotex signs China potash deal with Sinofert

SASKATOON – Canpotex Ltd., the offshore marketing agent for three of Saskatchewan’s largest potash producers, says it has reached an agreement to supply 700,000 metric tons of potash to China in the first half of 2014.

Canpotex did not specify the price per ton it had negotiated with Sinochem Fertilizer Macao Commercial Offshore Ltd, or Sinofert, China’s largest fertilizer enterprise.

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It said only that the deal was a new contract “priced at current and competitive market levels.”

Canpotex’s president and chief executive Steven Dechka said the deal demonstrates the continued importance Canpotex places on the Chinese market.

“We look forward to meeting China’s future growing potash needs in collaboration with our Chinese partner,” Dechka added.

Canpotex is owned by and is the exclusive offshore marketing company for Agrium Inc. (TSX:AGU), Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company (NYSE:MOS), and Potash Corporation of Saskatchewan Inc.