Exploration is picking up on Arizona's potash resources in the Holbrook basin, so what's the market like for this key component of fertilizers?
Goldman's put out price expectations that are reported at Potash Investing News: "In 2010, they have potash sitting at $369, in 2011 $364, and in 2012 $365. In the short term, potash prices should recover from an average of $358 per tonne for the July-to-September period, the lowest since the first quarter of 2008, to $362 per tonne."
This is way above average prices of $50 per tonne just a few years ago, but way down from peaks of $600+, that reached nearly $1,000 on the spot market briefly.
No new potash mines have been developed anywhere in the world in the past 3 decades but Goldman noted that two significant projects are underway in Canada and Saudi Arabia, that could impact global supply and prices.
In other words, business as usual in the mining business.