BHP takes largest-ever write-down on US shale operation

Whiting Equipment Canada Inc. announced today an agreement with VALE for the turnkey supply of salt evaporators and potash crystallizers for their Potasio Rio Colorado (PRC) potash solution mining plant in Argentina’s Mendoza Province.

2011 will go down as the year when the wind fell out of the sails of economic recovery and serious storm clouds gathered on the horizon.

Agrium Inc. (TSX and NYSE: AGU) announced today that its Board of Directors has approved a one million tonne brownfield potash capacity expansion at its Vanscoy potash facility in Saskatchewan, Canada.

VANCOUVER, Dec. 9, 2011 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Company") (TSXV:EPO) (OTCQX:ENCTF) is pleased to report the closing of its previously announced (see press release dated November 16, 2011) non-brokered private placement of 12,940,000 units for aggregate gross proceeds of $2,976,200. The proceeds will be used to provide the Company with working capital for engineering studies, marketing and general administrative expenses.

Potash Corporation of Saskatchewan on Thursday announced the settlement of its litigation with Mosaic over their respective rights and obligations at Mosaic's Esterhazy mine. Potash Corp says the end of the legal battle "dovetails" with its expansion programme designed to increase production to 17.1 million tonnes a year by 2015.

Large miners, such as Rio Tinto and BHP, are looking to enter the potash business, or expand existing operations, as they look for increased demand from developing nations such China, India and Brazil.

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

CBC News is reporting that last fall's cyberattack on government agencies looking for confidential information on PotashCorp was much larger than previously disclosed and the perpetrators seemed to be after insider information. Seven Canadian law firms were attacked, along with various government agencies. Analysts estimate that the well-coordinated attack must have involved 100 people or more. Although the attacks were traced back to China, that does not mean the attacks were carried out by that country. The Chinese government denies any involvement.

Saskatchewan's first potash mine in 40 years was approved today in the small city of Moose Jaw. German potash producer K+S Aktiengesellschaft said its supervisory board approved CAD$3.25 billion in capital expenditures to build a solution potash mine at the Legacy property, which K+S acquired from Potash One when it bought the company for $434 million nearly one year ago to the date. "The Legacy Project is a significant step towards the expansion of our potash capacities and enables us to participate in the growth of the global potash market. Together with our existing potash mines in Germany, this will considerably strengthen the international competitiveness of K+S and consequently benefit the entire K+S Group in Europe and overseas,” said Norbert Steiner, K+S Chairman of the Board of Executive Directors.