UPDATE 2-Potash Corp says open to resuming contract talks
(Adds comments from Mosaic about impact of the strike)
WINNIPEG, Manitoba, Oct 3 (Reuters) - Potash Corp of Saskatchewan (POT.TO), the world's biggest fertilizer maker, said on Friday it was willing to resume talks with striking miners, but not about a proposed commodity-based bonus.
"The union has requested that we come back to bargaining and we certainly agreed to go back to bargaining," said Rhonda Speiss, a company spokeswoman, noting no talks were currently scheduled.
Previously the company said it was not willing to move from its final contract offer.
Workers want a bigger share of Potash Corp's record profits, and have proposed a bonus system based on fertilizer prices. The company has rejected it as being too rich.
A spokesman for the United Steelworkers, which represents about 500 workers who struck three potash mines eight weeks ago, said the union also would like to return to bargaining, but said no limits could be put on the talks.
"We're in touch with the company all the time because we want a resolution to this ... but we're not going to meet if, in this case, they're going to put some kind of limitations or qualifications on what we can talk about," said union spokesman Roger Falconer.
The mines account for about 6 percent of world production and about 30 percent of Potash Corp's output.
Prices for potash fertilizer have more than doubled in 2008, topping $1,000 per tonne in some markets because of thin supplies and strong demand from farmers wanting to boost grain yields to capture strong prices.
That had pushed Potash Corp shares to record heights. The stock had quadrupled between January 2007 until its peak of C$246.29 on the Toronto Stock Exchange in mid-June.
But the stock has since retreated as investors ditched commodities and became concerned about the impact of the U.S. credit crisis on the farm sector.
Potash Corp shares rose C$1.21 at C$106.85 in Toronto on Friday. The previous session, the stock dropped 26 percent.
STRIKE LEAVES SUPPLY GAP - MOSAIC
Competitor Mosaic Co (MOS.N) has been running flat out to try to fill some of gap in supply caused by the strike, especially for industrial users, Chief Executive Jim Prokopanko said in an interview with Reuters late on Wednesday.
Mosaic, Agrium Inc (AGU.TO) and Potash Corp sell Saskatchewan potash to overseas markets together through Canpotex, which has had to defer some sales to early in 2009 due to reduced production from Potash Corp's mines, he said.
Canpotex may have to allocate sales based on demand if the strike is lengthy, Prokopanko said.
"We're giving assurances that those that commit to purchase from Mosaic, they are going to get the tonnes that they commit to," he said.
"But, we've been cautious making any sales beyond December and are waiting to see what the supply situation is both in North America and internationally," he said. ($1=$1.08 Canadian) (Additional reporting by Euan Rocha; editing by Rob Wilson)
