PotashCorp Announces Increased Canpotex Forecast for 2004 Listed: TSX, NYSE Symbol: POT SASKATOON, SK, May 3 /PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that Canpotex Limited, the offshore sales association for Saskatchewan potash producers, has further increased its 2004 forecast for offshore sales from a record 7 million tonnes to 7.5 million tonnes. This is up 1.2 million tonnes from the volumes achieved in 2003. As Canpotex believes this new demand will be sustained, PotashCorp will be bringing on another shift at its Lanigan potash facility to begin to utilize its excess capacity and to provide additional flexibility in product mix. PotashCorp currently supplies 54.2 percent of Canpotex sales. While this is expected to have a positive impact on potash earnings, the company is not updating its earnings guidance at this time and will do so when appropriate. "The nutrient showing the greatest promise continues to be potash," said Bill Doyle, PotashCorp President and CEO. "The appetite for potash out of Asia and Latin America is growing with the increase in demand fueling prices which provides us with a real competitive advantage." Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, fourth largest in phosphate and third largest in nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and one of only three North American suppliers of industrial phosphates. This release contains forward-looking statements, which involve risks and uncertainties, including those referred to in the company's annual report to shareholders for 2003 and in filings with the U.S. Securities and Exchange Commission. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, fluctuation in supply and demand in fertilizer, sulfur and petrochemical markets; changes in competitive pressures, including pricing pressures; risks associated with natural gas and other hedging activities; changes in capital markets; changes in currency and exchange rates; unexpected geological or environmental conditions; and government policy changes. DATASOURCE: Potash Corporation of Saskatchewan Inc. CONTACT: Betty-Ann Heggie, Senior Vice President, Corporate Relations, Phone: (306) 933-8521, Fax: (306) 933-8844, E-mail: , Web Site: http://www.potashcorp.com/

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