Potash corporation of saskatchewan

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Potash corporation of saskatchewan

  1. 1. Jotan Banik Potash Corporation 1/18/2014 Project Paper of Potash Corporation
  2. 2. 2 Potash corporation Course Code: MGT-2124 Course Title: Corporate Environmental Management Project Paper On Potash Corporation of Saskatchewan Submitted To: Fahad Feroz Course Instructor School of Business Studies Southeast University Submitted By: Name ID Batch Jotan Banik 2010110000077 25th Major in Finance School of Business Studies Southeast University Date of submission: 18 January, 2014
  3. 3. 3 Potash corporation Acknowledgement By the grace of Allah I complete my Project paper of contribution of Potash Corporation. At first thanks to our course teacher Fahad Feroz who taught this course efficiently and effectively. I try to my labor best to make the report comprehensive and reliable within the given time period. Nevertheless, some mistake might be occurred, please notice this type of unconscious mistakes with sympathy. Your suggestions and comments for the improvement of this report will be thanked fully received and if you need any quires the study, please inform me. Yours faithfully Jotan Banik
  4. 4. 4 Potash corporation Table of Contents Contents Pages Introduction: 05-06 History 07-09 Product and Services 10-13 Customers 14 Competitors 15-16 Challenges 17 Financial Report 18 Csr Activities 19-23 Awards 24-26 Criticism 26 Recommendation and Conclusion 27 Reference 28
  5. 5. 5 Potash corporation Potash Corporation of Saskatchewan Introduction: The Potash Corporation of Saskatchewan Inc., referred to as PotashCorp, is a Canadian corporation based in Saskatoon, Saskatchewan. The company is the world's largest potash producer and the third largest producers of nitrogen and phosphate, three primary crop nutrients used to produce fertilizer. At the end of 2011, the company controlled twenty percent of the world's potash production capacity, two percent of nitrogen production capacity and five percent of phosphate supply. The company is part-owner of Canpotex, which manages all potash exporting from Saskatchewan. It also has a joint-venture with Sinochem named Sinofert. It is by far the world's largest producer of potash, producing 20% of the world's supply. It is also the world's largest fertilizer producer, the third largest phosphate producer and the third largest nitrogen producer. In late 2013, it was 60%-owned by institutional shareholders. In 2007, the CEO, William Doyle was by far the highest earning CEO in Canada, earning over $320 million
  6. 6. 6 Potash corporation Potash Corporation of Saskatchewan Type Public Traded as TSX: POT NYSE: POT S&P/TSX 60 component Industry Materials Founded 1975 Headquarters Saskatoon, Saskatchewan, Canada Key people William Doyle (CEO) Products Potash Nitrogen Phosphate Revenue US$8.03 Billion (FY 2012) Operating income US$3.90 Billion (FY 2012) Net income US$2.30 Billion (FY 2012) Employees 5,703 (2011)
  7. 7. 7 Potash corporation History The company was created by the government of Saskatchewan in 1975. In 1989 it became a publicly traded company as the government of Saskatchewan sold off some of its shares, selling the remaining shares in 1990. The Saskatchewan potash industry began in the 1950s and 1960s. The government saw it as a promising new field and granted large subsidies to the new projects, mainly by American companies. However, this led to overproduction and when a global potash glut began in the late 1960s the industry almost collapsed. The Liberal government of the province introduced an emergency plan setting up quotas and a price floor in 1969. This plan was popular among the companies, which could now charge monopoly prices. The NDP government that was elected in 1971 in Saskatchewan was dissatisfied with this plan as the huge profits went to the companies rather than the government, and it wasn't sustainable in the long term. In 1974 the government passed a new potash regulation scheme, that included a reserve tax. This plan was resisted by the potash producers, and its constitutionality was challenged. Thus in 1975 the provincial government established the Potash Corporation of Saskatchewan as a government crown corporation.
  8. 8. 8 Potash corporation In November 1975 the province announced its intention to take part of the potash industry into public ownership. The government offered to negotiate with the producers, and many of them agreed to sell to the government. Over the next several years PCS bought mines around Saskatchewan, and eventually came to control 40% of domestic production. Public ownership drew the ire of the United States government, which criticised the provincial government for buying Americans' assets and creating a monopoly. In the 1980s the Commerce Department accused the corporation of dumping and imposed massive duties on all potash imports to the United States. In the early 1980s the company struggled and lost money for several years accumulating an $800 million debt. In 1989 the Conservative government decided to privatize it by selling the company to private investors. During the 1990s PotashCorp expanded by buying up a number of American potash companies including Potash Company of America, Florida Favorite Fertilizer, Texasgulf, and Arcadian Corporation. Today it owns assets across Canada, the United States, and also in Brazil and the Middle East. By March 2008, due to rising potash prices it had become one of the most valuable companies in Canada by market capitalization, valued at almost C$63 billion. In August 2010, PotashCorp became the subject of a hostile takeover bid by Anglo-Australian mining giant BHP Billiton.[8][9] On November 3, 2010, The Government of Canada announced that it was blocking the BHP bid as it did not feel the purchase would yield a "net benefit" for Canada; BHP withdrew its bid soon thereafter.
  9. 9. 9 Potash corporation Mission 1. Create superior long-term shareholder value 2. Be the supplier of choice to the markets we serve 3. Build strong relationships with and improve the socioeconomic well-being of our communities 4. Attract and retain talented, motivated and productive employees who are committed to our long-term goals 5. Achieve no harm to people and no damage to the environment Vision and Values. As a company, IC Potash intends to: Develop the long-life Ochoa Project in southeast New Mexico Produce premium quality Sulphate of Potash (―SOP‖) Produce SOP and other sulphate potash fertilizers in the bottom quartile of the world cost curve Leverage low cost and high quality to enter existing and emerging markets Develop a processing facility that can grow in scale at a low incremental capital cost Develop strong relationships with stakeholders and deliver net benefits to the community at large As a team, IC Potash is committed to: Grow the quality and quantity of the world’s food supply by producing high quality nutrients Grow shareholder value with sound engineering, marketing, management and finance Grow local communities by creating opportunity Grow long-term relationships with stakeholders Grow the personal and professional fulfillment of team members Grow with team members that live ICP’s core values: Integrity | Curiosity | Passion
  10. 10. 10 Potash corporation Product and Services Potash Corporation have many types of productes for customers. These are 1. Many types of fertilizer 2. Feed Fertilizer Ammonium Nitrate Solution DA190 Ammonium Polyphosphate 10-34-0 (POLY 10) Ammonium Polyphosphate 11-37-0 (POLY 11) Anhydrous Ammonia — Agricultural Grade Aqua Ammonia — Agricultural Grade Diammonium Phosphate 18-46-0 SGN 285 Monoammonium Phosphate 11-52-0 (GMAP) Muriate of Potash — Crystalline Granular SGN 270 Muriate of Potash — Granular SGN 285 Muriate of Potash — Granular SGN 300
  11. 11. 11 Potash corporation Muriate of Potash — Soluble SGN 25 Muriate of Potash — Standard SGN 100-85 Muriate of Potash — Standard SGN 65 Muriate of Potash — Suspension SGN 30 Muriate of Potash — White Granular SGN 285 Phosphogypsum Phosphoric Acid (AMMGA) 54% P205 Phosphoric Acid (BDMGA) 54% P205 Phosphoric Acid (GQ54) 60% P205 Phosphoric Acid (PAPMGA) 56% P205 Superphosphoric Acid (BSPA) 68% P205  Feed Ammonium Polyphosphate — Feed Grade (POLY 10) 10-34-0 Ammonium Polyphosphate — Feed Grade (POLY 11) 11-37-0
  12. 12. 12 Potash corporation Defluorinated Phosphate — Feed Grade (DFP) 18% Defluorinated Phosphoric Acid Amber — Feed Grade 54% P205 Defluorinated Phosphoric Acid Amber — Merchant Grade 58% P205 Dicalcium Phosphate Feed Grade 18.5% P Monoammonium Phosphate — Feed Grade (MAP) 24% Monocalcium / Monodicalcium Phosphate — Feed Grade 21% Monocalcium / Monodicalcium Phosphate — Feed Grade Coarse 21% Potassium Chloride - Feed Grade Superphosphoric Acid — Feed Grade Black (BSPA) 68% P205 Superphosphoric Acid — Feed Grade Green (LOMAG) 69% P205 Urea Liquor — Feed Grade 50% Potash (71% of total gross margin) is POT's main product. It is an important crop nutrient used for fertilizer and is limited in supply. It is mined in just 12 countries worldwide, and 50% of the world's reserves are in Canada where it has seven mines. Potash is mostly used in POT's fertilizer products. Nitrogen (10% of total gross margin) is a naturally occurring gas that is necessary for cell maturation, plastics, resins, and is a key component of proteins and enzymes it is used in POT's fertilizers, animal feed, and industrial products. Phosphate (10% of total gross margin is a key nutrient used in increase crop yields, in soft drinks, and other food products. Phosphates are mostly used in POT's industrial products.
  13. 13. 13 Potash corporation
  14. 14. 14 Potash corporation Customers PotashCorp is the world’s largest fertilizer company by capacity, producing the three primary crop nutrients: potash (K), phosphate (P) and nitrogen (N). As the world’s leading potash producer, we are responsible for approximately 20 percent of global capacity through our Canadian operations. To enhance our global footprint, we also have investments in other key global potash-related businesses in South America, the Middle East and Asia.With operations and business interests in seven countries, PotashCorp is an international enterprise and a key player in the growing challenge to feed the world. Basically their customers are farmer.
  15. 15. 15 Potash corporation  Competitors Direct Competitor Comparison POT BASFY MOS PVT1 Industry Market Cap: 29.03B 97.50B 19.82B N/A 3.02B Employees: 5,779 112,617 8,400 8,0521 5.29K Qtrly Rev Growth (yoy): -0.31 0.02 -0.28 N/A 0.50 Revenue (ttm): 6.86B 95.56B 9.97B 15.16B1 774.40M Gross Margin (ttm): 0.43 0.25 0.28 N/A 0.48 EBITDA (ttm): 3.11B 12.75B 2.92B N/A 552.80M Operating Margin (ttm): 0.36 0.09 0.23 N/A 0.22 Net Income (ttm): 1.98B 6.06B 1.89B 1.90B1 N/A EPS (ttm): 2.25 6.60 4.42 N/A 3.88 P/E (ttm): 14.95 16.08 10.53 N/A 9.63 PEG (5 yr expected): 3.29 8.39 N/A N/A N/A P/S (ttm): 4.17 1.01 1.97 N/A 3.90
  16. 16. 16 Potash corporation Potash Corp has few competitors since the fertilizer industry has significant barriers to entry and Economies of scale . Potash Corp estimates that it would cost upwards of $2.5B for a new company to enter the industry.[9] A company would need five to seven years of development time to build mines and factories, build rail and gas lines, and purchase rail cars and storage before it can even begin making a profit. Potash Corp has two main competitors, Mosaic Company (MOS) and Agrium (AGU). The potash market has been in deadlock between Mosaic and Potash corp since 2005. Potash made a successful play on phosphates from 2005-2007, but started losing out to Agrium and Mosaic in 2008. Potash has enjoyed its largest competitive success in the expansion of its Nitrogen production, which has directly eroded Agrium's superior market-share. . Mosaic Company (MOS) is a $19.04 Billion[18] fertilizer company, the second largest potash producer, and the largest phosphate producer with 15% and 16% of global market share, respectively[19] . Agrium (AGU) is a $5.82 Billion nitrogen and supplies fertilizer producer. In addition, it produces potash and phosphate like its competitors and has a 16% global share of the retail fertilizer market due to the major increase in global demand for its fertilizer and crop nutrient products. [20] [21] and had a $206 M year-over-year net income increase[21] Although Potash Corp and its competitors have similar revenues, POT's ability to set favorable prices by controlling the limited supply of potash have set it ahead of its competitors in terms of net income and margins. In addition, it also competes with private, government owned companies. Government owned companies are not usually profit driven. Government owned companies can set their prices below market value to help subsidize their farmers costs and would force the other companies in the industry to lower their prices too, or face losing their customers.
  17. 17. 17 Potash corporation  Challenges PCS has relied on HyPOWER Systems Inc. of Regina, Saskatchewan, an Eaton distributor, to provide hydraulics muscle and hydraulics commonality for its mining machinery. When the need for an additional miner became evident, PCS asked HyPOWER to redesign hydraulic circuitry for the machine and to work with Prairie Machine on fit, functionality, and integration requirements. Delving into the project, HyPOWER’s Ken Pagan, technical sales representative, and Cal Ganshorn, mechanical engineering technologist, called on Eaton’s Lyle Meyer, Hydrokraft product manager, for a two-speed hydraulic motor recommendation. ―We explained to Lyle that the motors would need to increase tram speed over PCS’s current miners that move at a snail’s pace through the mine,‖ Ganshorn says, ―plus fit into a tight envelope on the miner. ―In addition, the motors would need to default to maximum displacement, in the event that hydraulic system pilot pressure was lost.‖
  18. 18. 18 Potash corporation  Financial Report Potash corp. performance of 2012 and 2011.There are given total cash flow. 2012 2011 Taka Taka A) Cash flows from operating activities Collection from customers 4,080,838,737 2,763,342,876 Payment to suppliers and operating expenses (3,283,774,414) (2,222,380,658) Interest paid (6,676,003) (5,965,403) Interest received 51,841,611 18,040,417 Income tax paid (160,190,630) (31,144,537) Net cash from operating activities 682,039,301 521,892,695 B) Cash flows from investing activities Acquisition of fi xed assets (71,906,162) (85,669,459) Sale of investment in subsidiaries - 1,000,000 Investment in FDR (757,340,522) (150,000,000) Investment in Zero Coupon Bond - (100,000,000) Net cash used in investing activities (829,246,684) (334,669,459) C) Cash flows from financing activities Issue of new shares for cash 31,500,000 - Share premium 252,000,000 - Dividend paid (31,500,000) (26,000,000) Short term loan (30,766,667) - Net cash from financing activities 221,233,333 (26,000,000) Net increase in cash and cash equivalents (A+B+C) 74,025,950 161,223,236 Opening cash and cash equivalents 164,701,711 3,478,475 Closing cash and cash equivalents 238,727,661 164,701,711
  19. 19. 19 Potash corporation Csr Activities: Orientation and Continuing Education Orientation The Board has adopted a written New Director Orientation Policy designed to: (a) provide each new director with a baseline of knowledge about the Corporation that will serve as a basis for informed decision-making; (b) tailor the program for each new director, taking into account his or her unique mix of skills, experience, education, knowledge and needs; and (c) deliver information over a period of time to minimize the likelihood of overload and maximize the lasting educational impact. The orientation program is tailored to the needs of each new director, and consists of a combination of written materials, one-on-one meetings with senior management, site visits and other briefings and training as appropriate. Continuing Education The Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for this process. To facilitate ongoing education, the Corporation: (a) maintains a directors’ intranet site to facilitate the exchange of views and published information;
  20. 20. 20 Potash corporation (b) maintains a membership for each director in an organization dedicated to corporate governance and ongoing director education; (c) each year strongly encourages and funds the attendance of each director at one seminar or conference of interest and relevance and funds the attendance of each Committee Chair at one additional seminar or conference. In all cases, approval for attendance is obtained, in advance, from the Board Chair; (d) encourages presentations by outside experts to the Board or Committees on matters of particular importance or emerging significance; and (e) at least annually, schedules a site visit in conjunction with a Board meeting. Ethical Business Conduct Code of Conduct The Board has adopted the ―PotashCorp Core Values and Code of Conduct‖. The complete text of the ―PotashCorp Core Values and Code of Conduct‖, as well as other governance related documents, can be found at www.potashcorp.com and are available in print to any shareholder who requests them. The Audit Committee reviews the process for communicating the ―PotashCorp Core Values and Code of Conduct‖ to the Corporation’s personnel, and for monitoring compliance with the Code, as well as compliance with applicable law, regulations and other corporate policies. The Board, through the Audit Committee, receives regular reports from the Corporate Ethics and Compliance Committee regarding the Corporation’s ethics and compliance activities including the annual acknowledgement of compliance with the Code of Conduct sought from each employee. The Board, through the Audit Committee Chair, also receives reports of all financial or accounting issues which come to the attention of management including those which are raised through the Corporation’s anonymous reporting mechanisms.
  21. 21. 21 Potash corporation The Corporation has not filed any material change report since the beginning of the 2011 financial year that pertains to any conduct of a director or executive officer that constitutes a departure from the ―PotashCorp Core Values and Code of Conduct‖. Pursuant to the ―PotashCorp Governance Principles‖, no waiver of the application of the ―PotashCorp Core Values and Code of Conduct‖ to directors or executive officers is permitted. Material Interests Pursuant to the ―PotashCorp Governance Principles‖, each director of the Corporation must possess and exhibit the highest degree of integrity, professionalism and values, and must never be in a conflict of interest with the Corporation. A director who has a conflict of interest regarding any particular matter under consideration should advise the Board, refrain from debate on the matter and abstain from any vote regarding it. The Board has also developed categorical independence standards to assist it in determining when individual directors are free from conflicts of interest and are exercising independent judgment in discharging their responsibilities. All directors and senior officers are bound by the ―PotashCorp Core Values and Code of Conduct‖ and no waiver of the application of that Code to directors or senior officers is permitted. Culture of ethical business conduct The ―PotashCorp Core Values and Code of Conduct‖ is continually reinforced with on-line training programs. The Board, through the Audit Committee, requires the management Compliance Committee to annually report on the status of the Corporation’s ethics and compliance programs, including receipt of the Compliance Risk Assessment, Summary of Ethics and Compliance Training during the current year and plans for ethics and compliance training in the coming year.
  22. 22. 22 Potash corporation Nomination of Directors Identification of new candidates for Board nomination The CG&N Committee is responsible for recruiting and proposing to the full Board new nominees for directors. The CG&N Committee, in the discharge of its duties: (a) in consultation with the Board and Chief Executive Officer and, on an ongoing basis, identifies the mix of expertise and qualities required for the Board; (b) assesses the attributes new directors should have for the appropriate mix to be maintained; (c) in consultation with the Board and Chief Executive Officer and, on an ongoing basis, maintains a database of potential candidates; (d) has implemented a procedure to identify, with as much advance notice as practicable, impending Board vacancies, so as to allow sufficient time for recruitment and for introduction of proposed nominees to the existing Board; (e) develops a ―short-list‖ of candidates and arranges for each candidate to meet with the CG&N Committee, the Board Chair and the Chief Executive Officer; (f) recommends to the Board, as a whole, proposed nominee(s) and arranges for their introduction to as many Board members as practicable; (g) ensures that prospective candidates are informed of the degree of energy and commitment the Corporation expects of its directors; and (h) encourages diversity in the composition of the Board. Independent Corporate Governance and Nominating Committee
  23. 23. 23 Potash corporation The Corporation has a standing CG&N Committee. Each of the directors who comprise the CG&N Committee is independent. Please refer to ―Board of Directors — Director Independence and Other Relationships‖ and the ―Board of Directors — Corporate Governance and Nominating Committee Report‖ sections of the Management Proxy Circular for additional information. Corporate Governance and Nominating Committee Charter The responsibilities, powers and operation of the CG&N Committee are set out in its charter, which is available on the Corporation’s website at www.potashcorp.com. Pursuant to the CG&N Committee Charter, one purpose of the CG&N Committee is to identify the individuals qualified to become members of the Board, to recommend to the Board nominees for election to the Board at each annual meeting of shareholders or to fill vacancies on the Board and to address related matters. Please refer to the ―Corporate Governance — Corporate Governance and Nominating Committee Report‖ section of the Management Proxy Circular for additional information.
  24. 24. 24 Potash corporation Awards Safety 2012 Regional John T. Ryan Select Mines Award — PotashCorp News Brunswick Saskatchewan Emergency Response/Mine Rescue Skills Competition Overall Underground Runner Up, Fire Fighting Underground Winner and Proficiency Underground Runner Up - PotashCorp Rocanville Saskatchewan Emergency Response/Mine Rescue Skills Competition Overall Surface Runner Up, Field Problem Surface Runner Up, First Aid Surface Runner Up, Proficiency Surface Winner, Practical Skills Surface Winner - PotashCorp Patience Lake Saskatchewan Emergency Response/Mine Rescue Skills Competition Mine Problem Underground Runner Up - PotashCorp Cory North Carolina Department of Labor Safety Award – PotashCorp Aurora Emergency Response Competition Overall Winner – PotashCorp Aurora National Safety Council 100% Safety Award – PotashCorp Cincinnati Burlington Northern Santa Fe Railway Product Stewardship Award – PCS Phosphate/PotashCorp Aurora 2011 Sentinels Safety Awardr — PotashCorp White Springs Burlington Northern Santa Fe Railroad Product Stewardship Award — PotashCorp Joplin Emergency Management/Homeland Security Department and the Allen County Commissioners Dedication to Employee and Public Safety Award — PotashCorp Lima National Safety Council Perfect Record Award — PotashCorp Marseilles
  25. 25. 25 Potash corporation National Safety Council of Greater Omaha Platinum of Honor with Distinction Award — PotashCorp Weeping Water Nebraska Safety Council Peak Performance Award — PotashCorp Weeping Water Roco Rescue Outstanding Rope Rescue Award — PotashCorp Geismar Community 2013 National Philanthropy Award - Outstanding Corporation — PotashCorp Augusta Humboldt & District Chamber of Commerce Community Involvement Award — PotashCorp Lanigan The Mayor's Arts and Business Awards in Regina, SK Corporate Support of the Arts Award 2012 United Way of North Carolina Chairman’s Award for outstanding commitment and support – PotashCorp Aurora United Way Top Corporate Gifts – PotashCorp Augusta Augusta Chorale plaque awarded ―Generosity and Support‖ – PotashCorp Augusta Safe Homes of Augusta special plaque awarded – PotashCorp Augusta United Way Top Achievement Award – PotashCorp Joplin United Way Contribution Award – PotashCorp Lima United Way Extreme Community Makeover Award – PotashCorp Lima Cass County Economic Development Small Business Award for 2012 – Weeping Water LifeSouth Blood Bank, Suwannee Valley Region Public Service Award (15th year) – PotashCorp White Springs
  26. 26. 26 Potash corporation United Way of Suwannee Valley Platinum Award – PotashCorp White Springs Environment 2012 Environmental Educators of North Carolina Outstanding Partnership Award – PotashCorp Aurora Ohio Chemistry Technology Council Award for Excellence in Environmental, Health, Safety and Security Performance – PotashCorp Lima 2011 Norfolk Southern Thoroughbred Award — PotashCorp Aurora Norfolk Southern Thoroughbred Award — PotashCorp White Springs Norfolk Southern Thoroughbred Award — PotashCorp Augusta Norfolk Southern Thoroughbred Award — PotashCorp Lima Union Pacific Pinnacle Award — PotashCorp White Springs Union Pacific Pinnacle Award — PotashCorp Weeping Wate  Criticism PotashCorp imports phosphate rock from Western Sahara via the government of Morocco. According to the United Nations, Western Sahara is a territory illegally occupied by Morocco.PotashCorp, among other companies, has been criticized for helping fund this occupation by buying Western Saharan resources from Morocco.A coalition of conservation organizations are challenging a permit issued by the North Carolina Division of Water Quality to PotashCorp's Aurora, North Carolina, phosphate mining operation, which allows the company to expand its mining operation. The mining expansion will have a significant impact on high- quality wetlands and aquatic habitat. The permit presumes that the state will write new rules that accommodate the company’s ambitions. A group of community members in Penobsquis, New Brunswick, where PotashCorp has existing and planned potash mines, has launched an action against the mine for damages relating to lost wells, subsidence, noise, light and dust pollution as well as anxiety. This action is being handled through the New Brunswick Mining Commissioner. In 2011, a planned sulfur melting plant facility in Morehead City, North Carolina was withdrawn after public opposition.
  27. 27. 27 Potash corporation  Recommendation and Conclusion This company is nice company. Basically this company needs to improve management policy. This company management is weak. Every year this company needs to arrange seminar for farmer how to use their product because basically this company fertilizer company. Their products quality have to improve. Potash corporation has to follow different strategy in different times because it is seasonal products.
  28. 28. 28 Potash corporation References 1. Www. Potash Corporation's annual income statement via Wikinvest 2. Www. Company Profile for Potash Corp of Saskatchewan Inc (POT)". 3. Potash Corp. of Saskatchewan 2010 Annual Report, "Company Overview" 5 4. Www."Canpotex Limited - Complete Profile". 5. "BHP goes hostile on $39 billion Potash Corp bid". Reuters. 2010-08-18. Retrieved 2010-11-06. 6. Tang-Varner, Min (2010-11-04). "Canadian Government Blocks BHP's Bid for PotashCorp". Toronto Star. Archived from the original on 2010-11-06. Retrieved 2010- 11-06. 7. "BHP Billiton walks away from PotashCorp". CBC News. 2010-11-14. Retrieved 2010- 11-15. 8. United Nations, United Nations Mission for the Referendum in Western Sahara 9. Western Sahara Resource Watch. "WSRW demands PCS to terminate its unethical trade." November 30, 2008. 10. /www.saw.usace.army.mil/wetlands/Projects/PCS/index.html US Army Corps of Engineers project reports and record of decision 11. www.thestarphoenix.com/People+near+mine+want+compensation+from+PotashCorp/33 93648/story.html

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