POTASH CORPORATION OF SASKATCHEWAN INC. TO BE EXCLUSIVE SALES AGENT FOR HORIZON POTASH CORP.
POTASH CORPORATION OF SASKATCHEWAN INC. TO BE EXCLUSIVE SALES AGENT FOR HORIZON POTASH CORP. SASKATOON, Saskatchewan, Feb. 7 /PRNewswire/ -- Potash Corporation of Saskatchewan Inc. (NYSE: POT, Toronto, Montreal: POT) (PCS) today announced that its wholly owned subsidiary, PCS Sales, signed an agreement with Horizon Potash Corp. to be its exclusive sales agent. Horizon Gold Corp. of Golden, Colo. has just completed the purchase of the former Amax Potash mine in Carlsbad, N.M. which will now be known as Horizon Potash Corp. Acting as the exclusive sales agent for Horizon Potash, PCS Sales will cover both North American and international markets. These sales will be handled by the marketing team operating from the PCS Sales office in Chicago. This five-year agreement is part of the PCS overall strategy to strengthen its position as a world potash supplier. The New Mexico potash mine, acquired by Horizon, is nearly 40 years old and has estimated ore reserves for eight-10 years of production. The average annual production is approximately 500,000 tons. Historically, sales have been split almost equally between the domestic and offshore markets with Latin America as its primary offshore customer. "We are very pleased with this agreement," stated Bill Doyle, president of PCS Sales. "We know our marketing expertise coupled with Horizon's production capability will mutually benefit both ourselves and Horizon." Potash Corporation of Saskatchewan Inc., along with its subsidiary PCS Sales, is a leading publicly owned North American company engaged in the mining, production and sale of potash to agricultural and industrial markets in North America and around the world. PCS is a low-cost producer with annual production capacity of 9.2 million tons. -0- 02/07/92 /CONTACT: Betty-Ann Heggie, VP, corporate relations, Potash Corporation of Saskatchewan Inc., 306-933-8521/ (POT) CO: Potash Corporation of Saskatchewan Inc. ST: Saskatchewan IN: MNG SU:
EH -- LA026 -- 7971 02/07/92 17:31 EST
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|Date:||Feb 7, 1992|
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