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 andNYSE: AGU), Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and Potash Corporation of Saskatchewan Inc. (TSX andNYSE: POT).
Agrium supplies Canpotex with 9.28% of its potash product, Mosaic 37.11%, and PotashCorp 53.61%.
SOURCE Canpotex Limited
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