Jotan Banik

Potash Corporation

1/18/2014

Project Paper of Potash Corporation

2 Potash corporation

Course Code: MGT-2124 Course Title: Corporate Environmental Management

Project Paper

On

Potash Corporation of Saskatchewan

Submitted To:

Fahad Feroz

Course Instructor

School of Business Studies

Southeast University

Submitted By:

Name ID Batch

Jotan Banik 2010110000077 25th

Major in Finance

School of Business Studies

Southeast University

Date of submission: 18 January, 2014

3 Potash corporation

Acknowledgement

By the grace of Allah I complete my Project paper of contribution of Potash

Corporation. At first thanks to our course teacher Fahad Feroz who taught this

course efficiently and effectively.

I try to my labor best to make the report comprehensive and reliable within the

given time period. Nevertheless, some mistake might be occurred, please notice

this type of unconscious mistakes with sympathy. Your suggestions and comments

for the improvement of this report will be thanked fully received and if you need

any quires the study, please inform me.

Yours faithfully

Jotan Banik

4 Potash corporation

Table of Contents

Contents Pages

Introduction: 05-06

History 07-09

Product and

Services

10-13

Customers 14

Competitors 15-16

Challenges 17

Financial Report 18

Csr Activities 19-23

Awards 24-26

Criticism 26

Recommendation

and Conclusion

27

Reference 28

5 Potash corporation

Potash Corporation of Saskatchewan

Introduction: The Potash Corporation of Saskatchewan Inc., referred to as PotashCorp, is a

Canadian corporation based in Saskatoon, Saskatchewan. The company is the world's largest

potash producer and the third largest producers of nitrogen and phosphate, three primary crop

nutrients used to produce fertilizer. At the end of 2011, the company controlled twenty percent of

the world's potash production capacity, two percent of nitrogen production capacity and five

percent of phosphate supply. The company is part-owner of Canpotex, which manages all potash

exporting from Saskatchewan. It also has a joint-venture with Sinochem named Sinofert.

It is by far the world's largest producer of potash, producing 20% of the world's supply. It is also

the world's largest fertilizer producer, the third largest phosphate producer and the third largest

nitrogen producer. In late 2013, it was 60%-owned by institutional shareholders. In 2007, the

CEO, William Doyle was by far the highest earning CEO in Canada, earning over $320 million

6 Potash corporation

Potash Corporation of Saskatchewan

Type Public

Traded as

TSX: POT

NYSE: POT

S&P/TSX 60 component

Industry Materials

Founded 1975

Headquarters Saskatoon, Saskatchewan, Canada

Key people William Doyle (CEO)

Products Potash Nitrogen Phosphate

Revenue US$8.03 Billion (FY 2012)

Operating income US$3.90 Billion (FY 2012)

Net income US$2.30 Billion (FY 2012)

Employees 5,703 (2011)

7 Potash corporation

History

The company was created by the government of Saskatchewan in 1975. In 1989 it became a

publicly traded company as the government of Saskatchewan sold off some of its shares, selling

the remaining shares in 1990.

The Saskatchewan potash industry began in the 1950s and 1960s. The government saw it as a

promising new field and granted large subsidies to the new projects, mainly by American

companies. However, this led to overproduction and when a global potash glut began in the late

1960s the industry almost collapsed. The Liberal government of the province introduced an

emergency plan setting up quotas and a price floor in 1969. This plan was popular among the

companies, which could now charge monopoly prices. The NDP government that was elected in

1971 in Saskatchewan was dissatisfied with this plan as the huge profits went to the companies

rather than the government, and it wasn't sustainable in the long term. In 1974 the government

passed a new potash regulation scheme, that included a reserve tax. This plan was resisted by the

potash producers, and its constitutionality was challenged. Thus in 1975 the provincial

government established the Potash Corporation of Saskatchewan as a government crown

corporation.

8 Potash corporation

In November 1975 the province announced its intention to take part of the potash industry into

public ownership. The government offered to negotiate with the producers, and many of them

agreed to sell to the government. Over the next several years PCS bought mines around

Saskatchewan, and eventually came to control 40% of domestic production. Public ownership

drew the ire of the United States government, which criticised the provincial government for

buying Americans' assets and creating a monopoly. In the 1980s the Commerce Department

accused the corporation of dumping and imposed massive duties on all potash imports to the

United States.

In the early 1980s the company struggled and lost money for several years accumulating an $800

million debt. In 1989 the Conservative government decided to privatize it by selling the company

to private investors. During the 1990s PotashCorp expanded by buying up a number of American

potash companies including Potash Company of America, Florida Favorite Fertilizer, Texasgulf,

and Arcadian Corporation. Today it owns assets across Canada, the United States, and also in

Brazil and the Middle East. By March 2008, due to rising potash prices it had become one of the

most valuable companies in Canada by market capitalization, valued at almost C$63 billion.

In August 2010, PotashCorp became the subject of a hostile takeover bid by Anglo-Australian

mining giant BHP Billiton.[8][9]

On November 3, 2010, The Government of Canada announced

that it was blocking the BHP bid as it did not feel the purchase would yield a "net benefit" for

Canada; BHP withdrew its bid soon thereafter.

9 Potash corporation

Mission

1. Create superior long-term shareholder value

2. Be the supplier of choice to the markets we serve

3. Build strong relationships with and improve the socioeconomic well-being of our

communities

4. Attract and retain talented, motivated and productive employees who are committed to

our long-term goals

5. Achieve no harm to people and no damage to the environment

Vision and Values.

As a company, IC Potash intends to:

Develop the long-life Ochoa Project in southeast New Mexico

Produce premium quality Sulphate of Potash (―SOP‖)

Produce SOP and other sulphate potash fertilizers in the bottom quartile of the world cost

curve

Leverage low cost and high quality to enter existing and emerging markets

Develop a processing facility that can grow in scale at a low incremental capital cost

Develop strong relationships with stakeholders and deliver net benefits to the community

at large

As a team, IC Potash is committed to:

Grow the quality and quantity of the world’s food supply by producing high quality

nutrients

Grow shareholder value with sound engineering, marketing, management and finance

Grow local communities by creating opportunity

Grow long-term relationships with stakeholders

Grow the personal and professional fulfillment of team members

Grow with team members that live ICP’s core values: Integrity | Curiosity | Passion

10 Potash corporation

Product and Services

Potash Corporation have many types of productes for customers. These are

1. Many types of fertilizer

2. Feed

Fertilizer

Ammonium Nitrate Solution DA190

Ammonium Polyphosphate 10-34-0 (POLY 10)

Ammonium Polyphosphate 11-37-0 (POLY 11)

Anhydrous Ammonia — Agricultural Grade

Aqua Ammonia — Agricultural Grade

Diammonium Phosphate 18-46-0 SGN 285

Monoammonium Phosphate 11-52-0 (GMAP)

Muriate of Potash — Crystalline Granular SGN 270

Muriate of Potash — Granular SGN 285

Muriate of Potash — Granular SGN 300

11 Potash corporation

Muriate of Potash — Soluble SGN 25

Muriate of Potash — Standard SGN 100-85

Muriate of Potash — Standard SGN 65

Muriate of Potash — Suspension SGN 30

Muriate of Potash — White Granular SGN 285

Phosphogypsum

Phosphoric Acid (AMMGA) 54% P205

Phosphoric Acid (BDMGA) 54% P205

Phosphoric Acid (GQ54) 60% P205

Phosphoric Acid (PAPMGA) 56% P205

Superphosphoric Acid (BSPA) 68% P205

Feed

Ammonium Polyphosphate — Feed Grade (POLY 10) 10-34-0

Ammonium Polyphosphate — Feed Grade (POLY 11) 11-37-0

12 Potash corporation

Defluorinated Phosphate — Feed Grade (DFP) 18%

Defluorinated Phosphoric Acid Amber — Feed Grade 54% P205

Defluorinated Phosphoric Acid Amber — Merchant Grade 58% P205

Dicalcium Phosphate Feed Grade 18.5% P

Monoammonium Phosphate — Feed Grade (MAP) 24%

Monocalcium / Monodicalcium Phosphate — Feed Grade 21%

Monocalcium / Monodicalcium Phosphate — Feed Grade Coarse 21%

Potassium Chloride - Feed Grade

Superphosphoric Acid — Feed Grade Black (BSPA) 68% P205

Superphosphoric Acid — Feed Grade Green (LOMAG) 69% P205

Urea Liquor — Feed Grade 50%

Potash (71% of total gross margin) is POT's main product. It is an important crop

nutrient used for fertilizer and is limited in supply. It is mined in just 12 countries

worldwide, and 50% of the world's reserves are in Canada where it has seven mines.

Potash is mostly used in POT's fertilizer products.

Nitrogen (10% of total gross margin) is a naturally occurring gas that is necessary for

cell maturation, plastics, resins, and is a key component of proteins and enzymes it is

used in POT's fertilizers, animal feed, and industrial products.

Phosphate (10% of total gross margin is a key nutrient used in increase crop yields, in

soft drinks, and other food products. Phosphates are mostly used in POT's industrial

products.

13 Potash corporation

14 Potash corporation

Customers

PotashCorp is the world’s largest fertilizer company by capacity, producing the three primary

crop nutrients: potash (K), phosphate (P) and nitrogen (N).

As the world’s leading potash producer, we are responsible for approximately 20 percent of

global capacity through our Canadian operations. To enhance our global footprint, we also have

investments in other key global potash-related businesses in South America, the Middle East and

Asia.With operations and business interests in seven countries, PotashCorp is an international

enterprise and a key player in the growing challenge to feed the world. Basically their customers

are farmer.

15 Potash corporation

Competitors

Direct Competitor Comparison

POT BASFY MOS PVT1 Industry

Market Cap: 29.03B 97.50B 19.82B N/A 3.02B

Employees: 5,779 112,617 8,400 8,0521 5.29K

Qtrly Rev Growth (yoy): -0.31 0.02 -0.28 N/A 0.50

Revenue (ttm): 6.86B 95.56B 9.97B 15.16B1 774.40M

Gross Margin (ttm): 0.43 0.25 0.28 N/A 0.48

EBITDA (ttm): 3.11B 12.75B 2.92B N/A 552.80M

Operating Margin (ttm): 0.36 0.09 0.23 N/A 0.22

Net Income (ttm): 1.98B 6.06B 1.89B 1.90B1 N/A

EPS (ttm): 2.25 6.60 4.42 N/A 3.88

P/E (ttm): 14.95 16.08 10.53 N/A 9.63

PEG (5 yr expected): 3.29 8.39 N/A N/A N/A

P/S (ttm): 4.17 1.01 1.97 N/A 3.90

16 Potash corporation

Potash Corp has few competitors since the fertilizer industry has significant barriers to entry and

Economies of scale . Potash Corp estimates that it would cost upwards of $2.5B for a new

company to enter the industry.[9]

A company would need five to seven years of development time

to build mines and factories, build rail and gas lines, and purchase rail cars and storage before it

can even begin making a profit.

Potash Corp has two main competitors, Mosaic Company (MOS) and Agrium (AGU). The

potash market has been in deadlock between Mosaic and Potash corp since 2005. Potash made a

successful play on phosphates from 2005-2007, but started losing out to Agrium and Mosaic in

2008. Potash has enjoyed its largest competitive success in the expansion of its Nitrogen

production, which has directly eroded Agrium's superior market-share. .

Mosaic Company (MOS) is a $19.04 Billion[18]

fertilizer company, the second largest

potash producer, and the largest phosphate producer with 15% and 16% of global market

share, respectively[19]

.

Agrium (AGU) is a $5.82 Billion nitrogen and supplies fertilizer producer. In addition, it

produces potash and phosphate like its competitors and has a 16% global share of the

retail fertilizer market due to the major increase in global demand for its fertilizer and

crop nutrient products. [20]

[21]

and had a $206 M year-over-year net income increase[21]

Although Potash Corp and its competitors have similar revenues, POT's ability to set favorable

prices by controlling the limited supply of potash have set it ahead of its competitors in terms of

net income and margins. In addition, it also competes with private, government owned

companies. Government owned companies are not usually profit driven. Government owned

companies can set their prices below market value to help subsidize their farmers costs and

would force the other companies in the industry to lower their prices too, or face losing their

customers.

17 Potash corporation

Challenges

PCS has relied on HyPOWER Systems Inc. of Regina, Saskatchewan, an Eaton distributor, to

provide hydraulics muscle and hydraulics commonality for its mining machinery. When the need

for an additional miner became evident, PCS asked HyPOWER to redesign hydraulic circuitry

for the machine and to work with Prairie Machine on fit, functionality, and integration

requirements.

Delving into the project, HyPOWER’s Ken Pagan, technical sales representative, and Cal

Ganshorn, mechanical engineering technologist, called on Eaton’s Lyle Meyer, Hydrokraft

product manager, for a two-speed hydraulic motor recommendation.

―We explained to Lyle that the motors would need to increase tram speed over PCS’s current

miners that move at a snail’s pace through the mine,‖ Ganshorn says, ―plus fit into a tight

envelope on the miner.

―In addition, the motors would need to default to maximum displacement, in the event that

hydraulic system pilot pressure was lost.‖

18 Potash corporation

Financial Report

Potash corp. performance of 2012 and 2011.There are given total cash flow.

2012 2011

Taka Taka

A) Cash flows from operating activities

Collection from customers 4,080,838,737 2,763,342,876

Payment to suppliers and operating expenses (3,283,774,414) (2,222,380,658)

Interest paid (6,676,003) (5,965,403)

Interest received 51,841,611 18,040,417

Income tax paid (160,190,630) (31,144,537)

Net cash from operating activities 682,039,301 521,892,695

B) Cash flows from investing activities

Acquisition of fi xed assets (71,906,162) (85,669,459)

Sale of investment in subsidiaries - 1,000,000

Investment in FDR (757,340,522) (150,000,000)

Investment in Zero Coupon Bond - (100,000,000)

Net cash used in investing activities (829,246,684) (334,669,459)

C) Cash flows from financing activities

Issue of new shares for cash 31,500,000 -

Share premium 252,000,000 -

Dividend paid (31,500,000) (26,000,000)

Short term loan (30,766,667) -

Net cash from financing activities 221,233,333 (26,000,000)

Net increase in cash and cash equivalents (A+B+C) 74,025,950 161,223,236

Opening cash and cash equivalents 164,701,711 3,478,475

Closing cash and cash equivalents 238,727,661 164,701,711

19 Potash corporation

Csr Activities:

Orientation and Continuing Education

Orientation

The Board has adopted a written New Director Orientation Policy designed to:

(a) provide each new director with a baseline of knowledge about the Corporation that will

serve as a basis for informed decision-making;

(b) tailor the program for each new director, taking into account his or her unique mix of skills,

experience, education, knowledge and needs; and

(c) deliver information over a period of time to minimize the likelihood of overload and

maximize the lasting educational impact.

The orientation program is tailored to the needs of each new director, and consists of a

combination of written materials, one-on-one meetings with senior management, site visits and

other briefings and training as appropriate.

Continuing Education

The Board recognizes the importance of ongoing director education and the need for each

director to take personal responsibility for this process. To facilitate ongoing education, the

Corporation:

(a) maintains a directors’ intranet site to facilitate the exchange of views and published

information;

20 Potash corporation

(b) maintains a membership for each director in an organization dedicated to corporate

governance and ongoing director education;

(c)

each year strongly encourages and funds the attendance of each director at one seminar or

conference of interest and relevance and funds the attendance of each Committee Chair at

one additional seminar or conference. In all cases, approval for attendance is obtained, in

advance, from the Board Chair;

(d) encourages presentations by outside experts to the Board or Committees on matters of

particular importance or emerging significance; and

(e) at least annually, schedules a site visit in conjunction with a Board meeting.

Ethical Business Conduct

Code of Conduct

The Board has adopted the ―PotashCorp Core Values and Code of Conduct‖. The complete text

of the ―PotashCorp Core Values and Code of Conduct‖, as well as other governance related

documents, can be found at www.potashcorp.com and are available in print to any shareholder

who requests them.

The Audit Committee reviews the process for communicating the ―PotashCorp Core Values and

Code of Conduct‖ to the Corporation’s personnel, and for monitoring compliance with the Code,

as well as compliance with applicable law, regulations and other corporate policies. The Board,

through the Audit Committee, receives regular reports from the Corporate Ethics and

Compliance Committee regarding the Corporation’s ethics and compliance activities including

the annual acknowledgement of compliance with the Code of Conduct sought from each

employee.

The Board, through the Audit Committee Chair, also receives reports of all financial or

accounting issues which come to the attention of management including those which are raised

through the Corporation’s anonymous reporting mechanisms.

21 Potash corporation

The Corporation has not filed any material change report since the beginning of the 2011

financial year that pertains to any conduct of a director or executive officer that constitutes a

departure from the ―PotashCorp Core Values and Code of Conduct‖. Pursuant to the

―PotashCorp Governance Principles‖, no waiver of the application of the ―PotashCorp Core

Values and Code of Conduct‖ to directors or executive officers is permitted.

Material Interests

Pursuant to the ―PotashCorp Governance Principles‖, each director of the Corporation must

possess and exhibit the highest degree of integrity, professionalism and values, and must never

be in a conflict of interest with the Corporation. A director who has a conflict of interest

regarding any particular matter under consideration should advise the Board, refrain from debate

on the matter and abstain from any vote regarding it. The Board has also developed categorical

independence standards to assist it in determining when individual directors are free from

conflicts of interest and are exercising independent judgment in discharging their responsibilities.

All directors and senior officers are bound by the ―PotashCorp Core Values and Code of

Conduct‖ and no waiver of the application of that Code to directors or senior officers is

permitted.

Culture of ethical business conduct

The ―PotashCorp Core Values and Code of Conduct‖ is continually reinforced with on-line

training programs. The Board, through the Audit Committee, requires the management

Compliance Committee to annually report on the status of the Corporation’s ethics and

compliance programs, including receipt of the Compliance Risk Assessment, Summary of Ethics

and Compliance Training during the current year and plans for ethics and compliance training in

the coming year.

22 Potash corporation

Nomination of Directors

Identification of new candidates for Board nomination

The CG&N Committee is responsible for recruiting and proposing to the full Board new

nominees for directors. The CG&N Committee, in the discharge of its duties:

(a) in consultation with the Board and Chief Executive Officer and, on an ongoing basis,

identifies the mix of expertise and qualities required for the Board;

(b) assesses the attributes new directors should have for the appropriate mix to be maintained;

(c) in consultation with the Board and Chief Executive Officer and, on an ongoing basis,

maintains a database of potential candidates;

(d)

has implemented a procedure to identify, with as much advance notice as practicable,

impending Board vacancies, so as to allow sufficient time for recruitment and for

introduction of proposed nominees to the existing Board;

(e) develops a ―short-list‖ of candidates and arranges for each candidate to meet with the

CG&N Committee, the Board Chair and the Chief Executive Officer;

(f) recommends to the Board, as a whole, proposed nominee(s) and arranges for their

introduction to as many Board members as practicable;

(g) ensures that prospective candidates are informed of the degree of energy and commitment

the Corporation expects of its directors; and

(h) encourages diversity in the composition of the Board.

Independent Corporate Governance and Nominating Committee

23 Potash corporation

The Corporation has a standing CG&N Committee. Each of the directors who comprise the

CG&N Committee is independent. Please refer to ―Board of Directors — Director Independence

and Other Relationships‖ and the ―Board of Directors — Corporate Governance and Nominating

Committee Report‖ sections of the Management Proxy Circular for additional information.

Corporate Governance and Nominating Committee Charter

The responsibilities, powers and operation of the CG&N Committee are set out in its charter,

which is available on the Corporation’s website at www.potashcorp.com. Pursuant to the CG&N

Committee Charter, one purpose of the CG&N Committee is to identify the individuals qualified

to become members of the Board, to recommend to the Board nominees for election to the Board

at each annual meeting of shareholders or to fill vacancies on the Board and to address related

matters. Please refer to the ―Corporate Governance — Corporate Governance and Nominating

Committee Report‖ section of the Management Proxy Circular for additional information.

24 Potash corporation

Awards

Safety

2012

Regional John T. Ryan Select Mines Award — PotashCorp News Brunswick

Saskatchewan Emergency Response/Mine Rescue Skills Competition Overall

Underground Runner Up, Fire Fighting Underground Winner and Proficiency

Underground Runner Up - PotashCorp Rocanville

Saskatchewan Emergency Response/Mine Rescue Skills Competition Overall Surface

Runner Up, Field Problem Surface Runner Up, First Aid Surface Runner Up, Proficiency

Surface Winner, Practical Skills Surface Winner - PotashCorp Patience Lake

Saskatchewan Emergency Response/Mine Rescue Skills Competition Mine Problem

Underground Runner Up - PotashCorp Cory

North Carolina Department of Labor Safety Award – PotashCorp Aurora

Emergency Response Competition Overall Winner – PotashCorp Aurora

National Safety Council 100% Safety Award – PotashCorp Cincinnati

Burlington Northern Santa Fe Railway Product Stewardship Award – PCS

Phosphate/PotashCorp Aurora

2011

Sentinels Safety Awardr — PotashCorp White Springs

Burlington Northern Santa Fe Railroad Product Stewardship Award — PotashCorp Joplin

Emergency Management/Homeland Security Department and the Allen County

Commissioners Dedication to Employee and Public Safety Award — PotashCorp Lima

National Safety Council Perfect Record Award — PotashCorp Marseilles

25 Potash corporation

National Safety Council of Greater Omaha Platinum of Honor with Distinction Award —

PotashCorp Weeping Water

Nebraska Safety Council Peak Performance Award — PotashCorp Weeping Water

Roco Rescue Outstanding Rope Rescue Award — PotashCorp Geismar

Community

2013

National Philanthropy Award - Outstanding Corporation — PotashCorp Augusta

Humboldt & District Chamber of Commerce Community Involvement Award —

PotashCorp Lanigan

The Mayor's Arts and Business Awards in Regina, SK Corporate Support of the Arts

Award

2012

United Way of North Carolina Chairman’s Award for outstanding commitment and

support – PotashCorp Aurora

United Way Top Corporate Gifts – PotashCorp Augusta

Augusta Chorale plaque awarded ―Generosity and Support‖ – PotashCorp Augusta

Safe Homes of Augusta special plaque awarded – PotashCorp Augusta

United Way Top Achievement Award – PotashCorp Joplin

United Way Contribution Award – PotashCorp Lima

United Way Extreme Community Makeover Award – PotashCorp Lima

Cass County Economic Development Small Business Award for 2012 – Weeping Water

LifeSouth Blood Bank, Suwannee Valley Region Public Service Award (15th year) –

PotashCorp White Springs

26 Potash corporation

United Way of Suwannee Valley Platinum Award – PotashCorp White Springs

Environment

2012

Environmental Educators of North Carolina Outstanding Partnership Award –

PotashCorp Aurora

Ohio Chemistry Technology Council Award for Excellence in Environmental, Health,

Safety and Security Performance – PotashCorp Lima

2011

Norfolk Southern Thoroughbred Award — PotashCorp Aurora

Norfolk Southern Thoroughbred Award — PotashCorp White Springs

Norfolk Southern Thoroughbred Award — PotashCorp Augusta

Norfolk Southern Thoroughbred Award — PotashCorp Lima

Union Pacific Pinnacle Award — PotashCorp White Springs

Union Pacific Pinnacle Award — PotashCorp Weeping Wate

Criticism

PotashCorp imports phosphate rock from Western Sahara via the government of Morocco.

According to the United Nations, Western Sahara is a territory illegally occupied by

Morocco.PotashCorp, among other companies, has been criticized for helping fund this

occupation by buying Western Saharan resources from Morocco.A coalition of conservation

organizations are challenging a permit issued by the North Carolina Division of Water Quality to

PotashCorp's Aurora, North Carolina, phosphate mining operation, which allows the company to

expand its mining operation. The mining expansion will have a significant impact on high-

quality wetlands and aquatic habitat. The permit presumes that the state will write new rules that

accommodate the company’s ambitions.

A group of community members in Penobsquis, New Brunswick, where PotashCorp has existing

and planned potash mines, has launched an action against the mine for damages relating to lost

wells, subsidence, noise, light and dust pollution as well as anxiety. This action is being handled

through the New Brunswick Mining Commissioner.

In 2011, a planned sulfur melting plant facility in Morehead City, North Carolina was withdrawn

after public opposition.

27 Potash corporation

Recommendation and Conclusion

This company is nice company. Basically this company needs to improve management policy.

This company management is weak. Every year this company needs to arrange seminar for

farmer how to use their product because basically this company fertilizer company. Their

products quality have to improve. Potash corporation has to follow different strategy in different

times because it is seasonal products.

28 Potash corporation

References

1. Www. Potash Corporation's annual income statement via Wikinvest

2. Www. Company Profile for Potash Corp of Saskatchewan Inc (POT)".

3. Potash Corp. of Saskatchewan 2010 Annual Report, "Company Overview" 5

4. Www."Canpotex Limited - Complete Profile".

5. "BHP goes hostile on $39 billion Potash Corp bid". Reuters. 2010-08-18. Retrieved

2010-11-06.

6. Tang-Varner, Min (2010-11-04). "Canadian Government Blocks BHP's Bid for

PotashCorp". Toronto Star. Archived from the original on 2010-11-06. Retrieved 2010-

11-06.

7. "BHP Billiton walks away from PotashCorp". CBC News. 2010-11-14. Retrieved 2010-

11-15.

8. United Nations, United Nations Mission for the Referendum in Western Sahara

9. Western Sahara Resource Watch. "WSRW demands PCS to terminate its unethical

trade." November 30, 2008.

10. /www.saw.usace.army.mil/wetlands/Projects/PCS/index.html US Army Corps of

Engineers project reports and record of decision

11. www.thestarphoenix.com/People+near+mine+want+compensation+from+PotashCorp/33

93648/story.html