November 30, 2011
Germany's K+S invests US$3.19 billion in Canada
K+S, a major fertiliser manufacturer in Germany, said Tuesday (Nov 29) it planned to invest CAD3.25 billion (EUR2.4 billion; US$3.19 billion) for the expansion of its potash activities in Canada.
The German firm said in a statement that its supervisory board had approved plans for a greenfield potash project in Saskatchewan, which would start production in 2015.
The project was subsequently expected to reach total annual capacity of 2.86 million tonnes of potassium chloride by 2023.
It was "a significant step towards the expansion of our potash capacities and enables us to participate in the growth of the global potash market,"said chief executive Norbert Steiner.