Potash to see higher prices as JV company signs deal with Chinese fertilizer company Sinofert
NEW YORK (AP) -- Canadian fertilizer maker Potash Corp. of Saskatchewan Inc. said Wednesday its joint-venture company has reached a deal to sell potash to Chinese fertilizer company Sinofert Holdings Ltd. for $400 per ton higher than last year.
Canpotex is owned by Potash Corp. and two other Saskatchewan potash producers, Agrium Inc. and Mosaic Co.
Potash said that because of the deal's timing and "unprecedented demand" in other markets, Canpotex has only 1 million tons that it can commit to Sinofert through the rest of this year. It currently supplies about 54 percent of Canpotex's potash.
Potash Corp. owns a 20 percent stake in Sinofert.
Potash shares jumped $4.54, or 2.5 percent, to $188.95 in premarket trading, after closing at $184.41 on Tuesday.
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