Potash Corp. of
Saskatchewan (PotashCorp)
expects potash demand to pick up soon, following the
implementation of number of supply cuts, Reuters
newswire reported.
The company, the third
largest producer of the fertiliser mineral globally, expects
worldwide potash shipments to grow from 59m-62m tonnes this
year to 70m tpa by 2020.
"We're now at the point
where we expect that there be a response from the market," said
PotashCorp CEO, Jochen Tilk, adding
that it is too early to say whether more cuts will be
necessary.
Tilk described Indian
demand as "a perpetual disappointment" and said that lower US
farm incomes have limited farmers' spending power.
Separately, the
president of Unifor Local 922, the union
representing PotashCorp workers, has expressed concern about
the long term future of potash jobs in Sasketchewan, according
to local paper, The Star Phoenix.
"We don’t
have a crystal ball any more than anybody else, but it
doesn’t look promising going into the next year
either," said Rick Suchy, head of Unifor, which represents
about 340 employees at the PotashCorp’s Lanigan
mine.
"They
[don’t] expect improvement in 2017, either
(…) We’re concerned, but we’re
content that we’re still working," Suchy
added.
His statement followed
an announcement by
PotashCorp last week that it would curtail production at
its Allan and Lanigan facilities in Saskatchewan, as it seeks
to reduce its potash output by 400,000 tonnes this
year.
ASX-listed
Potash West NL will work with NYSE-listed
FTI Consulting to promote the Dinner Hill
project in Western Australia’s (WA) Dandaragan
Trough to investors, as part of a bid to bring on board a
partner.
"The investor reach of
FTI Consulting will market this project in areas that see
strong long-term growth in agriculture and the demand for
agricultural inputs," said Potash West CEO, Patrick
McManus.
Russian fertiliser producer
Uralchem JSC said it invested Russian rouble
(R) 97m ($1.32m*) in energy production and
resource efficiency in 2015.
The company said that measures implemented
have affected all of its plants and were aimed at upgrading
energy-intensive production units, decreasing the anthropogenic
impact on the environment and increasing the operational
efficiency.
Separately, the company said it had
increased its funding for social and charitable programmes to R
531m ($7.22m) in 2015. The figure donated marks a 126%
year-on-year (y-o-y) increase from 2014.
The
Confederation of Namibian Fishing Associations
has reiterated calls not to lift a ban on phosphate mining off
the country’s coast until such a time as it has
been proven that there will be no environmental impact,
according to local news reports.
"Phosphate mining at
sea is an unknown. To start phosphate mining in Namibia without
having done thorough robust research is taking a huge risk,"
Matti Amukwa, confederation chairman, said.
The
country’s fisheries minister, Bernhard Esau, has
said the ban will remain in place for the foreseeable
future.
"I will only be
comfortable on the way forward when more peer-reviewed and
verifiable knowledge is gained through appropriate studies, and
not just conclusions derived from a single study by a sole
source," Esau said.
Finally, in financing
news, New Zealand-based Chatham Rock Phosphate
Ltd has entered into a conditional subscription
agreement for New Zealand dollar (NZ$) 600,000 ($401,772) of
new shares from a private investor at a price of NZ$0.006/share
($0.004/share).
The company said that
it would receive the investment in installments over a 12-month
period. NZ$350,000 ($234,367) of the subscription is
unconditional, while the remaining NZ$250,000 ($167,405) is
conditional on the completion of a pre-break announcement
process.
*Conversions made
March 2016