August 3, 2011 / 4:33 PM / 6 years ago

UPDATE 1-Canpotex settles contract with Indian potash buyers

TORONTO, Aug 3 (Reuters) - Canpotex, the international marketing arm of Canadian potash producers, has settled a long-awaited contract with Indian potash buyers, Agrium’s Chief Executive Mike Wilson said on Wednesday.

The consortium, jointly owned by Potash Corp (POT.TO), Mosaic Co (MOS.N) and Agrium Inc (AGU.TO), settled on a 6-month contract to supply Indian buyers with roughly 700,000 tonnes of the crop nutrient, Wilson said on a conference call.

The new contract spans the fourth-quarter of 2011 and first-quarter of 2012, with volumes split equally in both periods, said Wilson.

Wilson said fourth-quarter volumes have been priced at $470 a tonne, in-line with a recent settlement with Chinese buyers, but the first-quarter volumes are priced at $530 a tonne. (Reporting by Euan Rocha; editing by Janet Guttsman)

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