Investors pick up potash juniors as majors put up sold out signs

Stock in Allana Potash Corp which is advancing a project in the Danakil Depression, Ethiopia added just over 30% in value over the last five trading days without having made any major announcements.

Western Potash clawed back all its losses since listing on the main board in Toronto last week adding almost 10%. The company is the pre-feasability stage of its Milestone Project in south Saskatchewan where it hopes to mine almost a billion tonnes of potash using the solution mining method.

The smallest of the three, Passport Potash Inc added 29% over the period on heavy volumes, most of it on Wednesday after it announced new board appointments. The company, worth around $94 million with zero revenues, is scoping land parcels in Arizona.

Bloomberg spoke to Mosaic’s Chief Executive Officer Jim Prokopanko on Tuesday who in reference to talks with India that broke down at the end of last month said: “There’s nothing to talk about until we have a better assessment of what’s going to be available.”

Mosaic, Potash Corp and Agrium control Canpotex and together with Russia’s Uralkali and Beluraskali account for around 57% of global supply. India is the world’s number one importer at over 6 million tonnes per annum.

MINING.com reported last week that India’s alarm over what it calls the ‘potash cartel’ is growing and that while China had been able to source potash at $400 a tonne this financial year, Canpotex purportedly urged India to buy it at $500.