Tata Chemicals, Coromandel International to procure MOP from Canpotex

capital market | Mumbai |

Tata Chemicals signs 3 year agreement with as option to extend the agreement for another two years

Tata Chemicals has signed an agreement with Canpotex to procure a minimum of 1.5 million tonne of Muriate of Potash (MOP) for the three year period between 1st April 2011 to 31st March 2014.

Tata Chemicals also has an option to extend the agreement for another two years to 31st March 2016. If Tata Chemicals excercises this option, then its procurement from Canpotex will be a minimum of 2.88 million metric tonne.

Pricing details were not disclosed but it was indicated that they will be at competitive rates based on the prevailing market conditions.

Canpotex collaborates with Tata Chemicals to promote balanced fertilizer applications in India. Steve Dechka, President and Chief Executive Officer, Canpotex said, Educating farmers through field trials, crop seminars and other learning opportunities is an important aspect of our market development initiatives, and we are pleased to be able to assist Tata Chemicals with these programs.

Canpotex is the exclusive offshore marketing company owned by three Saskatchewan Potash Producing Companies Agrium Inc, Mosaic Canada Crop Nutrition, LP (which is a subsidiary of The Mosaic Company) and Potash Corporation of Saskatchewan Inc. Of the total Potash supplies to Canpotex, Agrium contributes 9.28%, Mosaic 37.11% and PotashCorp 53.61%.

Earlier Canpotex had signed similar supply agreement with Coromandel International to supply a minimum of 0.5 million tonne of Muriate of Potash per annum for a five year period between 1st April 2011 and 31st March 2016.

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