Tuesday, February 14, 2012
New BC Port facilities at Prince Rupert key for Potash exports, CEO says
New B.C. Port facilities key for exports, Potash Corporation's CEO says.
Potash Corp. (POT-T44.45-0.22-0.49%) chief executive Bill Doyle expects to see steadily rising worldwide demand for the fertilizer and the need for new export capacity from Western Canada, despite the recent price weakness that has led global producers to cut back on supply.
Western Canadian potash exports should double in the coming decade and, as a result, the industry will need new port facilities in British Columbia, Mr. Doyle said in an interview Tuesday.
Potash Corp. of Saskatchewan (POT-T)
44.45 -0.22 -0.49%
As of Feb 14, 2012 4:00
In partnership with CN Rail (CNR-T78.250.290.37%), Canpotex, the marketing arm of Saskatchewan potash producers, has proposed a new export terminal in Prince Rupert, B.C. Mr. Doyle said he expects an investment decision to be made on the $800-million project this year.
“As we grow from 9.8 million tonnes to 20 million tonnes not too far down the road, we have to have the port facilities and infrastructure to be able to handle that,” he said, citing forecast growth for Canpotex, which supplies potash to Asian and other international markets.