PotashCorp CEO unfazed by Russian rival’s exit from potash cartel

SASKATOON – The CEO of PotashCorp says he doesn’t see a Russian rival’s exit from a European potash cartel as a big threat.

Bill Doyle says spats like the one between Uralkali and Belarusian Potash Company last week have happened before — though perhaps not as publicly.

He says logic dictates that the two will mend fences sooner rather than later.

Doyle also says no one company determines the price of potash, so he doesn’t give much credence to concerns Uralkali’s move could cause prices of the crop nutrient to drop 25 per cent.

He adds PotashCorp’s (TSX:POT) largest market is North America, where the Russian fertilizer giant is only a minor player.

Uralkali’s move last week sparked a major selloff in the stocks of potash producers and caused economists to warn Saskatchewan’s economy could take a big hit.