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Friday, March 05, 2010 

Were Wall Government And Potash Corp Of Saskatchewan Trying To Portray False Picture Of Company Fortunes?

Regina Leader-Post political columnist, Murray Mandryk, recently did a good piece on the disastrous Saskatchewan Party 2009-10 provincial budget. In it, he asks some very sobering questions about the motives behind grossly overestimated royalty revenues from projected postash sales by the privately owned, Potash Corporation of Saskatchewan.

"In short, the industry already paid taxes or royalties in last year's budget on potash that it didn't wind up selling. The government is desperately attempting to portray it as an unfortunate set of circumstances that have conspired in a slight overpayment. Well, the problem here is much, much more than that.

What the Sask. Party government has done in the past couple of years is abdicate virtually any responsibility for independently determining potash sales or royalty revenue, leaving that critical task to the industry players, who might have a vested interest in hyping the numbers. After all, high prices keep both potash prices and stock prices high, which in turn happens to also benefit executive compensation numbers."

Murray Mandryk
'Now we're paying The potash companies'
Regina, Leader-Post

In view of the gross overestimation of both sales and potential royalties, hard questions should be asked.

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