Canpotex aims to double potash shipping capacity

25 June 2008 11:35  [Source: ICIS news]

LONDON (ICIS news)--Canpotex Ltd plans to build two west coast terminal projects in Canada that will add around 11m tonnes of annual potash shipping capacity to the current 12m tonnes by the end of 2012, it said.

 

In addition to increasing shipping capacity, the terminals would provide access to the fastest shipping routes to key offshore markets such as China, said Steven Dechka, president and CEO of Canpotex, late on Tuesday.

 

The projects included a new greenfield terminal on Ridley island, British Columbia, and a brownfield terminal expansion adjacent to Neptune Bulk Terminals in north Vancouver, the company said.

 

“The projects are essential and strategic in preparing for long-term growth in global potash demand,” Dechka added.

 

He said with Canpotex shareholders working to significantly increase production over the next few years, the company had a responsibility to build on its long-term ability to deliver potash to offshore markets.

 

The combined cost of these projects was expected to be in excess of C$500m ($495m).

 

Both projects were subject to the finalisation of acceptable agreements with the respective port authorities and other stakeholders, Canpotex said.

 

Canpotex is the offshore potash marketing company for Agrium, Mosaic and PotashCorp.

 

($1 = C$1.01)

 

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By: Rebecca Clarke
+44 20 8652 3214

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