Agrium meanwhile said that it had placed its price of potash lower in Q4 2012, at an average of $216/tonne, compared to $169/tonne in Q4 2011. Phosphate sales prices were pegged at $722/tonne in Q4 2011, compared to $813/tonne in Q4 2012. Production costs increased for the company meanwhile, to $556/tonne, from $500/tonne in Q4 2011.
"The added level of uncertainty brought by management's eagerness to do a deal, in addition to the current state of the TiO 2 market, leads us to downgrade Tronox shares to Hold. (...) There is time to get back in if TiO 2 prices do go up, as a benefit to earnings from an industry turnaround could not happen for at least another two to three quarters," BWS Financial said.
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