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Agrimarkets

  • OCP takes out $1bn debt facility to fund phosphate capacity expansions 17 April 2015

    Rapid expansion plans – the company is looking to triple its fertiliser output in 10 years – are to be partially financed by the new $1bn loan facility, which OCP has raised from international capital markets. The company anticipates that its extra production capacity will be swallowed by rising demand, especially by internal African markets. Read More

  • Ma’aden Q1 profits jump 108% y-o-y on higher sales and reduced investment 17 April 2015

    A leap in profits for Ma’aden is not solely down to higher sales volumes and prices – the near completion of its Wa’ad Al-Shamal phosphate project is likely to be the reason for lower investment expenditure, which helped improve the company’s balance sheet. Read More

  • CRP disputes EPA and NZPAM phosphate permitting process costs 16 April 2015

    Working capital is scarce in the presently depressed mining finance markets. After spending NZ$30m on a rejected bid for marine consent, phosphate explorer CRP is looking to all available avenues to recover its cash reserves. Read More

  • Tunisian Mining Services accused of inaccurate statements by Celamin 16 April 2015

    Celamin is currently suspended from trading on the ASX while it works out its legal position concerning ownership of the Chaketma phosphate project in Tunisia. The company disputes a number of statements made by its JV partner, which has taken full ownership of the deposit’s holding company on the basis of an alleged default by Celamin. Read More

  • MagIndustries granted management cease trade order by Ontario Securities Comission 14 April 2015

    No insolvencies proceedings have been levied against potash developer MagIndustries, but it has been allowed an MCTO owing to its inability to file with the OSC for a number of reasons. The company is now aiming for a 1 June submission of 2014 financials. Read More

  • Acron boasts strong financials thanks to weak Russian rouble 13 April 2015

    The weaker rouble has helped many Russian producers to sell their fertilisers over 2014 and Acron is no exception. However, the group is busy making plans to ensure it moves forward with cost efficiencies and domestic sales to offset the otherwise downwards effect of the torpid global fertiliser market. Read More

  • Uralkali signs $315/tonne potash supply contract with China 10 April 2015

    The former joint venture partner of Belaruskali, which signed a deal of equivalent value with China last month, has settled on the same potash supply price to the Asian consumer, thereby cementing the potash price benchmark for 2015. Read More

  • OCP to issue bond for fertiliser investment programme financing 10 April 2015

    After raising $1.55bn in bond financing last year, Morocco's state-run fertiliser giant is out to the capital markets for another slice of the pie. The company's reasonable leverage suggests an issue of similar size could be supported. Read More

  • Belaruskali expands Chinese potash product ranges 09 April 2015

    By expanding its product range, Belaruskali hopes to penetrate niche markets and take market share in speciality fertiliser application from its competitors. The exact make-up of its extra products in China was not divulged. Read More

  • IM Agriminerals News in Brief 2 – 8 April 08 April 2015

    Uralkali receives carnallite extraction licence; Belarusian president maintains position on marketing re-merger; Arab Potash signs supply deal with China for 2015. Read More

  • Uralkali Q1 potash output falls by 7.8% following Solikamsk-2 mine flooding 08 April 2015

    Solikamsk-2 troubles have dented Uralkali’s Q1 2015 potash production, however, lower market demand following 2014’s record crop yields have rendered this drop less significant. With the snowmelt season on the horizon, investors are likely to be looking at the company’s challenges at Solikamsk with a renewed focus in the coming months. Read More

  • ICL empties speciality bromine stockpiles and warns permanent production cease possible 07 April 2015

    The stakes for both the Histadrut labour union and Israel Chemicals are only getting higher, but a deal between the two looks no more likely than it did at the beginning of the employment dispute. If the organisations cannot meet agreement soon, ICL could see entire product lines permanently disappear, which would likely knock its future earnings. Read More

  • EuroChem integrates gas supplier via takeover 02 April 2015

    EuroChem already covered 25% of its internal gas consumption before this acquisition – now it will be able to control its supply chains further, potentially reducing its production costs for its nitrogen-based and phosphate fertiliser products. Read More

  • CRP to diversify interests and join TSX following permitting rejection 02 April 2015

    CRP has concluded that the New Zealand stock exchange is now not enough on its own to serve the financing needs of its offshore phosphate project. In an attempt to reduced investor risk, the company is looking to diversify, which could see several other phosphate projects brought forward. Read More

  • Reward scoping study suggests lowest SOP capex globally 02 April 2015

    By opting for a smaller operation of 400,000 tonnes in a niche agrimineral market, Reward may have set itself up well for investors. The price premium of SOP over MOP continues to increase, making potential future profitability larger and more likely. Read More

  • SQM directors charged for withholding information in tax probe 02 April 2015

    The Chilean regulator has its teeth sunk into SQM and is not letting go as it digs up unsavoury links between the company and electoral campaigns, including politicians with links to the Pinochet regime. Read More

  • IM Agriminerals News in Brief 25 March – 1 April 01 April 2015

    Mosaic expects $80-100m revenue loss following tax changes; Tunisian phosphate output returning to normal; Focus raises funds for Peruvian phosphate project. Read More

  • SQM operating “normally” in Chile despite flooding chaos 01 April 2015

    The lithium, potash and iodine miner has said that delivery of its products has been disrupted by severe weather conditions in northern Chile, but that rescheduled shipments would allow it to meet customer commitments after staff worked over the weekend to resume operations. Read More

  • Strikes at Israel Chemicals could see “anchor customers” lost 31 March 2015

    ICL is appealing to its workers directly now; continued disruptive strike action at its bromine facilities threatens to prevent the company meeting the requirements of key customers. Stuck between a rock and hard place with looming tax changes and industrial action opposition to tax change-mitigation measures, ICL could further see its facilities sustain permanent damage if an agreement is not made soon. Read More

  • SQM to lose $7m from Q1 2015 income following tax probe 31 March 2015

    The result of the investigation into SQM's tax status will hit the company hard, costing it $7m in net income from its first quarter 2015 results. At the end of last year, the group's results were propped up by an extra $13m net income from the sale of mining rights to Antofagasta Minerals, but accusations about payments to politicians have dogged the company in recent months and led to the ousting of its CEO. Read More

  • Canpotex agrees to “current competitive levels” pricing contract with China 30 March 2015

    Canpotex has not disclosed the exact prices used for contracts signed with its Chinese customers, instead indicating that they are set at “competitive levels”. While projected volumes may be up, the signing of contracts after rival supplier Belaruskali could be signalling an end to the oligopolistic supply situation currently seen in potash. Read More

  • Highfield receives $354m capex DFS for Spanish potash project 30 March 2015

    In a climate of depressed potash prices, margins are increasingly important. Highfield has the potential to bring its Muga potash to production with one of the highest production margins in the industry, which could shield it from the wider financing malaise of higher-cost competitors. Read More

  • JPMC phosphate production rises with operating profits 30 March 2015

    JPMC has been pursuing a number of expansion projects of late. The extra production and resultant sales volumes made possible by these new production bases should lead to a healthy balance sheet in the future, which will also see the benefit of labour settlement payments ending. Read More

  • Arab Potash posts 24% y-o-y fall in 2014 net income 30 March 2015

    Operating cost increases came at an unfortunate time for APC, which also saw prices fall through much of 2014 as worldwide production expanded. The double-squeeze resulted in a 24% y-o-y fall in profits. Read More

  • Floods halt Chilean lithium, potash and iodine production 30 March 2015

    Freak rainfall has caused Chile's SQM, the world's largest producer of lithum, to suspend some of its Atacama desert salar plants as a precautionary measure. Other companies with assets in the region, such as Albermarle, may follow suit if weather conditions continue to hinder operations, while Argentinian lithium projects are also rumoured to have been affected. Read More

  • ICL scoops up potash junior Allana for C$137m 27 March 2015

    Potash bulls beware: while the acquisition of Allana by ICL for the significant sum of C$137m will result in a brief resurgence of excitement in the potash industry, MOP projects are unlikely to exit the finance doldrums any time soon. While Allana’s management team and Danakil potash project must have been attractive to ICL, the acquisition should be viewed in light of ICL’s movement away from domestic operations, which have been beset by strikes and are staring at seemingly inevitable tax rises. Read More

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