Sinofert Holdings Limited announced on 28 June 2023 that Sinochem Fertilizer Macao Commercial Offshore Limited, an indirect wholly-owned subsidiary of the Company, entered into an export agreement with Canpotex, based on which Sinochem Macau agreed to purchase not more than 132,000 tons of potash from Canpotex at a unit price of USD 307 per tonne for a total consideration of not more than USD 40,524,000.
According to the announcement, China's potash production is unable to match domestic demand.
China requires an appropriate amount of potash fertilizer to be imported each year to meet the growing demand for potash fertilizer for domestic agricultural production in China.
By entering into this transaction, Sinofert Holdings Limited is able to further diversify its business resources and ensure a stable supply of the rarer mineral potash.
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