Caterpillar to axe 10,000 jobs over next three years

Despite weeks of negotiations, India has yet to reach a potash supply agreement with major potash suppliers, includingCanpotex, and is holding out for a lower price in order to bridge the gap between the international price of potash and the benchmark import parity price fixed by the government.

IC Potash Corp. on Thursday announced that the company has received final approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares on the TSX. The common shares of IC Potash are expected to commence trading on the TSX on Friday, June 10, 2011 under the symbol "ICP".

Canada’s Rodinia Lithium Inc. announced on Wednesday encouraging results from its continued reverse circulation drill program at its Salar de Diablillos project located in Salta Province, Argentina close to FMC Corp’s lithium mine, the world’s third largest. Rodinia focuses on lithium exploration and development in North and South America and the commercialization of a significant potash co-product that is expected to be recoverable through the lithium harvesting process. Listed on the TSX-Venture exchanged, shares in the tightly held junior had lost over 4% in afternoon trade.

The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.

Ringbolt Ventures announced on Tuesday it has engaged the services of Beeman Drilling Services to undertake a potash drilling program on its Lisbon Valley Project in Utah, part of the Paradox Basin, an area which according to the United States Geological Services contains over 2bn tons of potash. The TSX-Venture listed company has another other potash project in Arizona’s Holbrook Basin as well as a prospective uranium property in the Hornby Basin of Canada’s North West Territories. Shares of the thinly traded company are up over 110% so far this year at $0.295.

Cash-strapped ex-Soviet republic Belarus is negotiating the sale of its most prized asset, the potash producer Belaruskali, under the terms of a $3bn bail-out loan agreed this month with Russia, the Wall Street Journal reported on Tuesday. Responsible for one-third of the worlds potash fertiliser production, Belaruskali could be worth as much as $20bn. A frontrunner for a takeover is Russia's top producer Uralkali owned by billionaire Suleiman Kerimov. The combined group would easily push Canada's Potash Corp. from the top producer spot.

Mining Weekly Online quotes Karnalyte Resources CEO Robin Phinney as saying that its Wynyard project in Saskatchewan has enough resources to eventually produce 6m tons of potash a year and that the company is considering bringing in joint venture partners to do so. Karnalyte initially expects to ramp up production by 500,000 tons per year to reach 2m tons by 2016/2017 at a cost of $1.5bn. The company on Friday was trading at $11, up 42% since it debut on the TSX mid-December last year.

Rio Tinto and Chinalco will be positioning their drills in Mainland China, the two companies announced today, in a new exploration joint venture to operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX). According to a press release issued by Rio Tinto, the primary focus of CRTX will be copper exploration, with coal and potash to be considered later.

Canadian potash producers are ramping up production targets in anticipation of increasing demand for the mineral, as farmers buy more fertilizer to boost crop yields. On Wednesday Saskatchewan Potash Corp. said it will squeeze an additional 5 million metric tonnes of potash capacity from its existing mines, according to company CFO Wayne Brownlee, speaking at an investor conference in Toronto.