27 May 2008 21:38 [Source: ICIS news]
HOUSTON (ICIS news)--Canadian potash fertilizer exporter Canpotex plans to expand west coast shipping operations with a C$300m-500m ($300m-500m) project later this year, an official with one of the exporter’s member companies said on Tuesday.
Richard Downey, senior director of investor relations at Agrium - one of the three large Canadian producers of potash fertilizer that own Canpotex - said the company will decide later this year whether to expand its port facility in Vancouver or Washington State. The decision will be based on cost factors, he said.
“We’re all expanding capacity and there’s growing demand for potash in the world,” ?xml:namespace>
All three companies have seen their market capitalisation grow rapidly over the past year as the global food crisis has placed a premium on potash fertilizer. Mosaic and PotashCorp have seen their values more than triple over the past 52 weeks, while Agrium’s market cap has more than doubled over the same time period.
Officials at Mosaic and PotashCorp did not have an immediate comment.
($1 = C$0.99)
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