June 25, 2008
Canpotex Announces Plans to Nearly Double Port Capacity
SASKATOON, SK, June 24 /PRNewswire/ -- Canpotex Limited (Canpotex) today announced plans for two west-coast terminal projects that will add approximately 11 million tonnes of annual potash shipping capacity to its current 12 million tonnes by the end of 2012. The projects include a new greenfield terminal on Ridley Island near Prince Rupert, British Columbia and a brownfield terminal expansion adjacent to Neptune Bulk Terminals (Canada) Ltd. in North Vancouver, British Columbia. The combined cost of these projects is expected to be in excess of CDN $500 million. Both projects are subject to the finalization of acceptable agreements with the respective Port authorities and other stakeholders.
"These projects are essential and strategic steps in preparing for long-term growth in global potash demand," said Steven Dechka, President and Chief Executive Officer of Canpotex. "With Canpotex shareholders working to significantly increase production over the next several years, we have a responsibility to build on our long-term ability to deliver this essential nutrient to offshore markets. In addition to increasing shipping capacity, the terminals will provide access to the fastest shipping routes to certain key offshore markets such as China. We look forward to the opportunity to better serve our customers."
Canpotex is the offshore marketing company owned by the three Saskatchewan potash producing companies: Agrium Inc., Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company, and Potash Corporation of Saskatchewan Inc.
Artists' renderings of the terminal facilities are available upon
CONTACT: Ted J. Nieman, Senior Vice President, General Counsel andSecretary, Phone (306) 931-7250, Fax (306) 653-5505, [email protected], Website http://www.canpotex.com/; Jennifer L. Siemens,Manager, Corporate Communications, Phone (306) 931-7275, Fax (306) 653-5505,E-mail [email protected], Website http://www.canpotex.com/