Canpotex Ltd. will build a $55-million maintenance yard in Saskatchewan to clean and service thousands of rail cars used to carry potash fertilizer to the West Coast for export. Canpotex is the offshore marketing company owned by Agrium Inc. (TSX: AGU), Mosaic Canada Crop Nutrition LP and Potash Corp. (NYSE: POT)
SASKATOON
Canpotex Ltd. will build a $55-million maintenance yard in Saskatchewan to clean and service thousands of rail cars used to carry potash to the West Coast for export.
The Saskatoon potash exporter said the new yard will create 40 jobs during construction and 20 jobs once it’s operating by the fall of 2012.
The new railyard will provide all-weather inspection and light repair, automated railcar wash and wheel maintenance services for Canpotex’s fleet of 5,000 railcars, the company said. Construction is expected to start in May near Lanigan, Sask.
Canpotex is the offshore marketing company owned by the three Saskatchewan potash producers: Agrium Inc., Mosaic Canada Crop Nutrition LP, a subsidiary of U.S.-based The Mosaic Company, and Potash Corp. of Saskatchewan Inc, the world’s largest fertilizer producer.
Last year, the federal and Saskatchewan governments cited the pivotal role potash plays in the regional economy as a reason they opposed the nearly US$40 billion takeover of PotashCorp. by BHP Billiton, the world’s largest mining company.
In a release, Saskatchewan called the new railcar maintenance and staging yard more evidence of a strong and growing potash industry in the prairie province.
Energy and Resources Minister Bill Boyd said the ongoing expansion of the Saskatchewan potash industry through new investments and now a new railcar maintenance and staging centre is clear evidence the government’s potash policies are working and the industry is growing.
Canadian Press
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