Released on February 14, 2005
Saskatchewan potash sales have set a new record for the second straight year.Preliminary statistics show that sales hit a high of 16.4 million tonnes in 2004, a 14 per cent increase over the previous record set a year earlier. The value of sales is expected to exceed $2 billion, another record for the potash industry.
The record Saskatchewan sales are the result of growing world potash consumption, particularly in key potash markets in Asia and Latin America.
"Our potash industry is clearly on a roll, and is positioned for even more growth," Industry and Resources Minister Eric Cline said. "The existing mines in the province have significant low cost expansion potential and the government is working with the industry to ensure that Saskatchewan remains the world's leading potash producer."
The government eliminated the profit tax on new potash sales and introduced faster capital write-offs in 2003 to encourage additional potash sales and attract new investment.
Potash is the largest mining industry in the province and generates about 6,000 direct and indirect jobs. Saskatchewan accounts for 35 per cent of the world potash production and 45 per cent of the world potash trade. About 95 per cent of potash is used to produce fertilizer, while the other 5 per cent is used in commercial and industrial products – everything from soap to television tubes.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306) 787-1691 |