Canpotex Announces New Long-term MOU

SASKATOON, Nov. 1 /PRNewswire/ – Canpotex Limited (Canpotex) today announced
the signing of a new five-year memorandum of understanding (MOU) to
supply Unid Co., Ltd. (Unid), a key industrial potash customer, with up
to 2.2 million metric tons of Saskatchewan potash.

The multi-year MOU between Canpotex and Unid covers the period January
1, 2011 to December 31, 2015. Canpotex will supply a minimum of 400,000
metric tons in each year of the MOU.

Pricing will be at competitive rates based on market conditions in
Korea.

Based in Seoul, Korea, Unid is a world leader in the manufacturing of
potassium-based chemicals.

“This MOU confirms Canpotex’s long-term commitment to the important
industrial potash market and demonstrates our proven capability to
supply high grade Saskatchewan potash in a reliable and timely manner.
Through this MOU, Canpotex is pleased to extend our long-term
partnership with Unid, which operates the world’s largest single
potassium hydroxide (KOH) plant,” stated Mr. Steve Dechka, Canpotex’s
President and Chief Executive Officer.

Operating continuously since 1972, Canpotex is the exclusive offshore
marketing company owned by the three Saskatchewan potash producing
companies: Agrium Inc. (TSX and NYSE: AGU), Mosaic Canada Crop
Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and
Potash Corporation of Saskatchewan Inc. (TSX and NYSE: POT).

Agrium supplies Canpotex with 9.28% of its potash product, Mosaic
37.11%, and PotashCorp 53.61%.

SOURCE Canpotex Limited