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Gold/Mining/Energy : potash corp

POT 20.65

0.0%

Jan 2 4:00 PM EST

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To: Al Serrao who wrote (21)	11/10/1996 5:40:00 PM
From: Terence Mitchell	of 60

Hi Al, The only difference is that the Chinese don't need gold to improve crop yields. The reality is, China has been a large buyer from the Sakatchewan Potash Industry for years, Sask. however is a long way from China and transportation costs are significant. Back in the sixties there was an oversupply brought on by too many new Potash plants being brought onstream in Sask. The govt imposed prorationing to keep the industry alive, at that time potash was seling for around $13/ton. (Just a little bit of history) Since then demand has grown steadily and China has gradually increased the use of fertilizers, in the past chinese sales were dependent on foreign reserves and fixed budgets. What this meant was that if the price went up they bought fewer tons, and vice versa, but now conditions are changing. regards, Terence Mitchell

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