- Potash (POT) states the Saskatchewan government's plans to change how it taxes potash mining firms are "expected to decrease the company's 2015 pre-tax earnings by CDN $75 to $100 million ($59.5M-$79.4M).
- The tax changes, enacted to offset declining oil revenue, require tax deductions taken by potash miners for capital spending to be spread out over a longer period of time. The move is considered an interim step towards a broader review of Saskatchewan's potash tax/royalty system.
- CEO Jochen Tilk: "PotashCorp is disappointed in the announcement today ... we are nearing completion of a $6 billion investment in Saskatchewan which was based on the existing tax structure remaining in place. Changing the rules midstream impacts the ability of our shareholders to earn a fair return on their capital and undermines Saskatchewan's relative competitiveness."
- POT -0.7% AH to $33.47.