PotashCorp profits prompt political spin
The Canadian Press
Posted: Oct 28, 2011 12:11 PM CST
Last Updated: Oct 28, 2011 12:07 PM CST
Record profits in the third quarter from Potash Corp. of Saskatchewan have sparked another round of political spin in the Saskatchewan election.
The world's largest fertilizer producer, which is based in Saskatoon, announced Thursday its net income jumped to US$826 million.
The Saskatchewan Party says PotashCorp reinvested $590 million in capital expansions and says that shows the province's potash royalty structure is working.
The royalty structure is the way the province collects money from companies who develop resources and the Sask. Party says the current system encourages new investment.
But New Democrats argue the province should get more royalties from a company that is on track to collect a gross margin of $3 billion this year.
NDP Leader Dwain Lingenfelter and Sask. Party Leader Brad Wall clashed over potash revenues several times during a televised debate on Tuesday. Released of the latest PotashCorp numbers added more fuel to that fire.
The NDP's election platform hinges on collecting more potash revenue to cover new spending promises, but the Sask. Party says the New Democrats will kill jobs.
Saskatchewan Election Results
Updated: Nov. 7, 2011, 11:57 PM CST
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All results are unofficial until final ballot counts are verified by Elections Saskatchewan. CBC is not responsible for the content of external sites.
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