The rules changed for the upcoming TCP urea tender. The Economic Coordination Committee of the government is now allowing the trading house to present to companies the opportunity to match the lowest offer in the Aug. 27 tender. Under the previous rules, TCP was only allowed to take only the lowest offer and the exact quantity offered. It was not allowed to let other companies match the lowest offer so that it can pull in more urea in one tender.

TCP operated under the old rules in the most recent set of tenders that started in May and ended last month. As a result, it had to hold several tenders to buy the 300,000 mt the government wanted imported immediately. The ECC made the change, according to media reports, to speed up the urea delivery process. The Pakistan government wants TCP to import another 300,000 mt immediately.

Consistent with Potash Corp. of Saskatchewan Inc.’s practice of matching supply with market demand, notice was given to PotashCorp employees that the Lanigan mine will not operate between Sept. 15 and Oct. 13.

Production at Compass Minerals’ salt mine in Goderich, Ontario, will be temporarily reduced due to a strike called this morning by the Communications, Energy and Paperworkers Union Local 16-O. The company has strong deicing salt inventories following the historically mild winter season and believes mine management will be able to produce sufficient rock salt to meet its non-seasonal-customers’ needs while negotiations continue. The union represents approximately 380 employees at the mine.

“The company’s proposed three-year agreement includes higher wages and attractive benefits and addresses additional jobs associated with the company’s investment in new mining technology. When negotiations were suspended by the union, we were in agreement on all issues but one management-rights topic. We’re confident that we can work with union leadership to reach a mutually satisfactory agreement,” said Angelo Brisimitzakis, Compass Minerals’ president and CEO. “We look forward to resuming normal operations soon, and with our current strong inventory position we expect to have no difficulty serving our highway deicing customers this season.”

Two contract workers were reportedly injured early Friday, Aug. 17, when there was an explosion at Koch Nitrogen Co.’s Beatrice, Neb., facility, according to local press reports. More details were not immediately available.

Phosphate Holdings Inc., the owner of Mississippi Phosphates Corp., reported net income of $857,000 ($0.10 per diluted and basic share) on sales of $78.5 million for the second quarter ending June 30, 2012, up from a year-ago loss of $1.76 million ($0.21 per share) on sales of $80.4 million. While revenues and phosphate sales prices were down, volumes were up during the quarter to 161,045 st from the year-ago 146,213 st. Operating income was also up at $2 million from the year ago loss of $2.6 million.

For more details, see the Green Markets Web-Edition Aug. 17.

Agrium Inc. today confirmed that it will continue to execute its integrated business strategy, which it says is delivering record results and creating sustainable shareholder value, and that it will not spin off its Retail operations. Agrium’s statement follows media reports that a hedge fund, JANA Partners, has suggested that Agrium should split the company into separate retail and wholesale businesses.

"We are confident that Agrium shareholders will receive far greater value with less risk under the company’s current strategy," said Michael Wilson, Agrium’s President and CEO. "Agrium’s Board has
carefully evaluated the idea of spinning off Retail and has unanimously determined that it is contrary to the best interests of the company and its shareholders. Spinning off Retail would expose
Agrium shareholders to substantial risk with no sustainable benefit, and we will not be pursuing it."

"Agrium is a top-performing company that has created significant shareholder value across the business cycle and that is returning excess capital to shareholders through dividend increases and share
buybacks. We are in close contact with our shareholders and take their views seriously. We are confident the vast majority understand and support our strategy," added Wilson.

Agrium noted that it has increased its dividend nine-fold since December 2011, and recently announced a C$900 million share repurchase program in connection with the sale of Viterra’s Medicine Hat nitrogen facility. The company achieved record sales, gross profit, EBITDA and net earnings in 2011 and again in the first half of 2012.

Agrium said it has been one of the best performing stocks in North America. The company’s share price has increased 43 percent year-to-date versus 12 percent for the S&P 500, and by 97 percent over the past three years. Agrium has also outperformed the S&P 500 and the company’s fertilizer peer group over the year-to-date and three year periods.