Gensource planning small potash mine for south central Saskatchewan

Potash Corporation of Saskatchewan Inc. reported a sharp drop in second-quarter earnings on Thursday as well as lower than anticipated profits.

Hong Kong private equity firm Sprint Capital has announced the acquisition of a major potash project in the western part of Kazakhstan.

Canadian potash suppliers Agrium Inc (NYSE:AGU) and Potash Corp. (NYSE:POT) both closed higher on the NYSE following the release of improved second-quarter earnings forecasts by Agrium on Wednesday.

Swiss commodity supplier Glencore International obtained approval from the Canadian federal government on Sunday for its application to buy up Canadian agribusiness titan Viterra Inc., bringing the $6.1 billion deal that much closer to completion.

Brazilian billionaire André Esteves has teamed up with Roger Agnelli, kicked out of iron ore giant Vale by government shareholders last year, to create their own mining company with an initial investment of $520 million.

Interior Secretary Ken Salazar has announced a proposal for the simultaneous development of oil, gas and potash in the southeast of New Mexico which could bring an end to long-standing legal wrangles over resource extraction, in a region which is host to the USA’s largest potash reserves.

An acrimonious legal wrangle over millions in potash assets and is currently being played out in the Saskatchewan courts, involving Byzantine business intrigues and a bevy of international players.

New research released Monday indicates that listed mining and resources companies across the world are keen to comply with the UN’s Guiding Principles on Business and Human Rights, which were officially adopted one year ago, but must keep up the momentum in order to maintain public confidence in their efforts.

Xstrata has delayed voting on a merger with Glencore as investors continue to dictate the offer and unions become more vocal about their concerns over the deal.