All posts by mickeybarb@charter.net

IFFCO Launches Nano Urea Liquid

India, News, News Briefs, Urea

Indian Farmers Fertiliser Cooperative Ltd. (IFFCO) on May 31 launched Nano Urea Liquid, which the company said could cut conventional urea used by at least 50 percent. IFFCO said a 500 ml bottle of the product, which contains 40,000 ppm of nitrogen, will replace at least one bag of conventional urea, thereby reducing input costs and also bringing down the cost of logistics and warehousing.

IFFCO said some 11,000 farmer field trials were undertaken on more than 94 crops across India and showed an 8 percent increase in yield.

IFFCO has priced the product at Rs240 per bottle, which it said is 10 percent less than a bag of urea. Production starts in June, with rollout soon thereafter. IFFCO said it plans a massive countryside campaign to demonstrate and train farmers about the use and application of the new product.

The cooperative said the product was indigenously developed after many years of research by IFFCO’s scientists and engineers through a proprietary technology developed at Nano Biotechnology Research Centre, Kalol.

Corteva, Elemental Enzymes Partner on Abiotic Stress Mitigator/Biostimulant

News, News Briefs, Specialty

Corteva Agriscience, Wilmington, Del., and Elemental Enzymes, St. Louis, a life sciences company that develops biotechnology and enzymes solutions, on June 1 announced a multi-year global agreement around an abiotic stress mitigation/biostimulant technology. Through the agreement, Corteva receives an exclusive license to Elemental Enzymes’s Waterflux® technology. The optimized osmoprotectant blend provides plants with small organic molecules that help crops overcome abiotic stressors such as soil salinity, drought, and extreme temperatures, helping keep them productive and healthy.

Corteva will offer this technology through a family of products to be branded under the name Sosdia™ Abiotic Stress Mitigator/Biostimulant. Two different products and formulations will be offered for a broad range of crops, including specialty and row crops, sugar cane, and turf and ornamental, as well as range and pasture. Pending appropriate registrations, Corteva will launch the products globally, excluding Australia and New Zealand territories.

Nutrien Spearheads Use of Caterpillar’s Remote-Controlled Bulldozer Technology

News, News Briefs, Phosphate, Saskatchewan, Southeast

Nutrien Ltd., Saskatoon, announced on June 1 that it is the first company in the fertilizer industry to implement the Cat® Command for Dozing remote-control system. Nutrien said it will be using the technology at its Aurora, N.C., phosphate facility to create a safer working environment and improve reliability. This technology allows workers to operate bulldozers safely from a few thousand feet away in an indoor control station, thereby physically removing them from potential risks.

Nutrien’s Aurora facility is the largest mining site to implement this non-line of sight remote-control system for D8 bulldozers.

In addition to keeping operators safe by getting them out of the dozers’ cabs, the system includes sophisticated software that monitors the grade of the terrain ahead and identifies avoidance zones. It also offers improved visibility with cameras that provide a 180-degree front, back, and bird’s-eye view of the ground-level conditions, along with lighting that reveals a greater field of vision for improved day and nighttime operation.

Zen-Noh Must Divest Elevators for DOJ Approval of Bunge Deal; Plans Sale of 11 to Viserion

Japan, Louisiana, News, News Briefs

Zen-Noh Grain Corp., Covington, La., the U.S. subsidiary of Japanese farming cooperative Zen-Noh, will be required to divest nine grain elevators to get approval of its proposed $300 million acquisition of 35 operating and 13 idled grain elevators from Bunge North America, St. Louis (GM April 24, 2020), according to the U.S. Department of Justice on June 1. The nine are located in five states along the Mississippi River and its tributaries – Arkansas, Iowa, Illinois, Louisiana, and Missouri.

To clear the way for the acquisition, Zen-Noh has agreed to sell 11 elevators to Viserion Grain LLC, Boulder, Colo., a new entrant backed by Pinnacle Asset Management, New York City, or an alternative buyer approved by the U.S.

Eight of the units are Bunge’s (Shawneetown in Illinois; Huffman, Riverside, Landside, and Helena in Arkansas; Lake Providence and Lettsworth in Louisiana; and McGregor in Iowa) and three are elevators already owned by Zen-Noh affiliate Consolidated Grain and Barge Co. (Caruthersville and Cottonwood Point in Missouri, and Savanna in Illinois).

“These facilities located across major inland U.S. waterways are integral to expanding our agricultural trading platform,” said Aaron Wiegand, Viserion CEO and an ex-Bunge executive. “The addition of these assets will accelerate our growth and provide a strong foundation to market grain and oilseeds directly to domestic customers and exporters.”

The elevators have total storage capacity of 25 million bushels, Viserion said in a separate statement. The deal is subject to regulatory approval and depends on the closing of the deal between Zen-Noh and Bunge. Both transactions are expected to close later this spring.

Companies managed by Pinnacle have been boosting their position in physical commodities trading, having invested in Five Rivers Cattle Feeding, the world’s largest cattle feeding operation, and energy trader Six One Commodities, according to Bloomberg. Pinnacle has about $3.2 billion in assets under management.

Saskatchewan Eyes 83 Percent Uptick in Mining Growth by 2030

News, News Briefs, Saskatchewan

The Government of Saskatchewan is eyeing an 83 percent uptick in mining industry growth from 2020 to 2030. Despite the economic challenges associated with the global COVID-19 pandemic, Saskatchewan’s mining sales, particularly in potash, remain strong.

Total mining sales generated $6 billion. The provincial mining sector accounts for more than 11 percent of Saskatchewan’s Gross Domestic Product (GDP) and supports more than 12,000 jobs across the province.

“Saskatchewan is a global leader in potash and uranium production, an emerging producer of helium and lithium, and home to over 20 critical minerals, including rare earth elements such as cerium, lanthanum, praseodymium, and neodymium,” said Energy and Resources Minister Bronwyn Eyre. “There are exciting opportunities ahead for mineral exploration in our province, as the mining sector continues to innovate and grow.”

Saskatchewan noted that it was recently recognized by the Mining Journal Intelligence World Risk Report as the number-one global jurisdiction for mining investment opportunity. The same report also awarded Saskatchewan an AAA rating for overall investment – one of only two jurisdictions to achieve this.

Saskatchewan’sGrowth Plansets goals to reach $9 billion in potash sales and $2 billion in uranium sales by 2030 or a total of $11 billion.

Intrepid Pays Off Senior Debt, Updates on Cash

News, News Briefs

Intrepid Potash Inc., Denver, said on June 2 it has paid down the remaining $15 million outstanding on its Series B Senior Notes with cash on hand. Along with the paydown, Intrepid made a make-whole payment of $0.5 million and paid accrued interest of $0.1 million to noteholders. The Series B Senior Notes were scheduled to mature in April 2023.

After the payoff, Intrepid said it has cash and cash equivalents of approximately $47 million and outstanding debt of $30 million on its revolving credit facility and $10 million outstanding on its PPP loan – which it expects to be forgiven – for total outstanding debt of $40 million.

“Rising prices, strong fertilizer sales, improving oil and gas fundamentals, and prudent capital spending have improved our net debt position to the point where we now have more cash on hand than outstanding debt,” said Bob Jornayvaz, Intrepid’s Executive Chairman, President and CEO.

“We appreciate the flexibility our noteholders allowed us as our financial position improved in recent years, although the limitations imposed by the Notes, combined with the more favorable rates under our revolving credit facility, made this voluntary paydown an easy decision as we expect to recoup the required make-whole payment through reduced interest expense in future periods. After the paydown, we have $44 million in availability remaining under our revolving credit facility and a $75 million accordion feature to potentially expand that facility in the future,” Jornayvaz added.

Fert Industry Hits “Sweet Spot,” Says CF

News, News Briefs, Nitrogen

Demand for nitrogen fertilizer will remain elevated for multiple years as high grain prices and challenging weather continue to benefit the industry, CF Industries Holdings Inc. CEO Anthony Will said at Bernstein’s 37th Annual Strategic Decisions Conference, as reported by Bloomberg.

“We’re in really a sweet spot in terms of high demand for our product, low cost for our production, and high prices globally for nitrogen, and that sets up for a couple of years here where we see a really strong operating performance,” said Will.

CF said operating rates are challenged across the industry after COVID-19. Stocks-to-use on fertilizers are also very tight, said Will, while recovery and economic activity are giving the industry another boost. CF estimates it will take at least another two years to replenish coarse grain stocks.

Lithium Australia Reports Expanded Trials

Australia, Lithium, News, News Briefs, Specialty

Lithium Australia, Perth, said on June 1 its recycling division, Envirostream Australia, has begun its expanded battery material micronutrient (GM May 22, 2020) trials focusing on manganese-deficient soil. The trial will test MAP in isolation and in combination with manganese sourced from spent alkaline batteries processed at the Envirostream recycling facility.

Seeding trials (two wheat, one lupin) have begun at three field sites in Western Australia in collaboration with fertilizer supplier Summit Fertilizers, as well as a separate site in South Australia. In addition to working with Summit, Envirostream has also been conducting its own trials.

Duke Street Acquires COMPO Consumer

China, Germany, London, News, News Briefs, Specialty

Duke Street, London, a European mid-market private equity group, said on June 3 it will acquire COMPO, Münster, Germany, a European producer and distributor of gardening soil, fertilizer, plant protection, and lawn seeds. COMPO is currently owned by Kingenta Ecological Engineering Group Co Ltd., a publicly listed fertilizer producer in China that bought COMPO in 2016.

“We are delighted to be partnering with management to acquire COMPO, the market leader in traditional and sustainable gardening products in continental Europe and a brand that has a clear ESG leadership position,” said Paul Adams, a Duke Street Partner. “We have seen a material increase in gardening and gardeners in recent years, with consumers embracing the broad benefits that the activity brings to their lives.

“We look forward to working with COMPO’s excellent management team as we implement its strategy, supported by significant investment and follow-on capital from us and our investors, that will enable the organization to grow both organically and by acquisition across Europe,” Adams added.

The COMPO team is led by CEO Stephan Engster, who joined the business in 2016.

Egypt, TKIS Reported in Green Talks

Egypt, Germany, Green Ammonia, Hydrogen, News, News Briefs

Egyptian Prime Minister Mustafa Madbouli held a virtual meeting with Essen, Germany-based Thyssenkrupp Industrial Solutions (TKIS) CEO Oliver Tietze on May 27 about establishing green ammonia and hydrogen production in Egypt, according to Egypt Today, citing a Cabinet statement. Once produced, the ammonia would be shipped to Germany. TKIS has been involved in several projects in Egypt.

According to the report, Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker signed an agreement of intentions in January with Germany’s Siemens, Munich, to begin discussions and studies for a pilot project for the production of hydrogen.