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Tuesday, January 25, 2011
Tony Clement, You've Been Potashed
Iceland pulls a Saskatchewan:
International pop music queen Bjork says the government of her native Iceland is prepared to reverse a deal that saw Vancouver-based Magma Energy Corp. buy geothermal energy producer HS Orka, denouncing the transaction as a secretive agreement with “no benefit” to the local economy.
You'll recall that Tony Clement, our very own Industry Minister, deemed BHP Billiton's proposed takeover of Potash Corp as being "no net benefit" to Canada. We at last have firm proof that Tony Clement's grasp of economics is about a good as that of an Icelandic pop-musician. Though I suspect the Minister's singing is far less atonal.
Posted by Richard Anderson on January 25, 2011 | Permalink
Comments
When you hold a fancy title like "Industry Minister", you have to do things that seem important that involve (in this case, industry) because there is this perversely popular idea that the citizens want their elected representatives to do things (to others). It doesn't matter that when government does things, usually somewhere, a little freedom dies.
Posted by: John Chittick | 2011-01-25 1:48:02 PM
For a change I agree with Clements. Almost everything we have in this country is owned by outside interests. Although 36 countries produce potash we have 5 times as much as our next competitor, Russia. The price is expected to reach $2000 a ton by 2020 from around 900 now. Why get rid of the gift horse ?. If we expect to remain masters of our own house we really should keep the mortgage in our name.
Posted by: peterj | 2011-01-25 9:45:14 PM
Peterj,
Potash Corp is already owned by Americans, not Canadians. The Saskatchewan government collects royalties on Potash mining no matter who owns the actual mines. What's up with all this emotional attachment to rocks in the ground anyway?
Posted by: Dennis | 2011-01-26 7:16:53 AM
"Potash Corp is already owned by Americans, not Canadians".
Posted by:Dennis|2011-01-26 7:16:53 AM
The Potash Corporation of Saskatchewan Inc. (TSX: POT, NYSE: POT), also referred to as PotashCorp, is a Canadian corporation based in Saskatoon, Saskatchewan. The company is the world's largest potash producer and the second and third largest producers of nitrogen and phosphate, three primary crop nutrients used to produce fertilizer. At the end of 2007, the company controlled 22% of the world's potash production capacity, 2% of nitrogen production capacity and 6% of phosphate supply. The company is part-owner of Canpotex, which manages all potash exporting from Saskatchewan.
Posted by: peterj | 2011-01-26 7:45:30 PM
Dennis is correct.
PotashCorp is American-owned.
Posted by: set you free | 2011-01-27 12:03:07 PM
Dennis is correct.
PotashCorp is American-owned.
Posted by: set you free | 2011-01-27 12:03:07 PM
Please explain on where I can find this information.
Posted by: peterj | 2011-01-27 4:25:41 PM
Waiting
Posted by: peterj | 2011-02-01 8:49:16 PM
Refer to this business week article. The majority of Potash shareholders are not Canadian.
http://www.businessweek.com/news/2010-10-20/canada-s-harper-says-potash-corp-american-controlled-company.html
You can also search their 10-k filings for major transaction. I got up to 54% US controlled institutional investors before I got bored.
Potash is not Canadian. The greatest thing Doyle ever did was turn the fight into a nationalist symbol while hiding the fact it is not a national company.
Posted by: derek | 2011-02-07 8:48:52 PM
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