PotashCorp’s net income rose from 607 million U.S. dollars in 2006 to 3.5 billion U.S. dollars in 2008. After 2011, a steady decrease in net income took place down to some 1.3 billion. In 2010, BHP Billiton attempted a takeover bid in August 2010, however, the federal government of Canada blocked the bid as they did not see it as a benefit for Canada.
The Potash Corporation of Saskatchewan Inc., or PotashCorp., was the largest producer of potash in the world. This company’s headquarters were located in Saskatoon, Saskatchewan where the material was discovered in the 1940s. Potash refers to fertilizers that contain potassium and is fairly abundant in the earth’s crust. In agriculture, potash is commonly used to ensure healthy plant growth and is beneficial in balancing the nitrogen cycle within the environment. This fertilizer helps ensure uptake and use of nitrogen in these plants.
Potash is extracted from only 12 countries around the world with Brazil, China, and India as some of the largest importers. China used some 60 million tons of chemical fertilizers in 2014 and their fertilizer use is expected to increase. Canada is one of the largest producers of potash, where Saskatchewan produces almost the entirety of the country’s supply.