Agrium Announces US$70 M Phosphate Project in Canada.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 2, 1997-- Agrium (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , NYSE NYSE See: New York Stock Exchange AGU AGU Aoyama Gakuin University, Tokyo, Japan AGU American Geophysical Union AGU Arabian Gulf University (Bahrain) AGU All Grown Up (TV show) AGU Aguascalientes, Aguascalientes, Mexico . ) Agrium Inc. (TSE and NYSE: AGU) today announced that it will spend US$70 million over the next two years to develop a high quality phosphate deposit located near Kapuskasing, Ontario, Canada and modify its Redwater, Alberta phosphate fertilizer production facility to enable the plant to process the new rock. The high grade, low cost mine is expected to supply 100 percent of the phosphate rock required by the Redwater redwater red urine; see hemoglobinuria, hematuria, myoglobinuria, phenothiazine, phenolphthalein, xanthorrhoea. redwater fever see babesiosis. plant for approximately 20 years. Work on the project will begin immediately. "This is an economically and environmentally sound project that will add approximately US$ 28 million in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. to the Company. The quality of the rock is exceptionally high," said Agrium President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John M. Van Brunt. "As a Canadian company, we are also pleased that the development and operation of this mine will provide jobs in Canada," he added. The Kapuskasing property has undergone extensive engineering evaluations. The original deposit was drilled in 1954 by Continental Copper as a base metal project. Roughly US$15 million has been spent on the site over the years, and more than 350 holes have been drilled to determine the extent of the deposit. The property was acquired by Agrium when it merged with Viridian vi·rid·i·an n. A durable bluish-green pigment. [From Latin viridis, green; see virid.] Inc. in December, 1996. The new mine will employ conventional open pit mining techniques and no environmental issues of significance are anticipated. Rock will be transported from the property to Redwater in unit trains. Long term contracts with rail carriers have been negotiated to ensure service at competitive rates. The Redwater plant has annual production capacity of 650,000 tonnes of monoammonium phosphate (MAP). Procuring phosphate rock constitutes about 70 percent of the plant's cost of production. Until the new mine comes on stream in 1999, Agrium will continue to import rock from Togo, Africa, which has provided a reliable supply of rock to the plant since 1986. Agrium Inc. is the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer of nitrogen fertilizers, and a major producer of potash and phosphate fertilizers. The Company is also a leader in the wholesale distribution and retail marketing of fertilizers, related products, and services to the agricultural industry. CONTACT: Agrium Inc. Dick Nichols, 403/258-5746 or Ian Chadsey, 403/258-4694 800/399-3821 (Automatic Faxback) investor-rel@agrium.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion