* Deal for at least 400,000 tonnes of potash a year
* Says pricing based on Korean market condition
Nov 1 (Reuters) - Potash marketing company Canpotex said it signed a five-year deal with Korean chemical company Unid Co Ltd (014830.KS) for at least 400,000 metric tons of potash a year, clinching its second deal in less than a month.
Pricing will be at competitive rates based on market conditions in Korea, Canpotex, the overseas potash marketing arm of Potash Corp POT.TO Mosaic (MOS.N) and Agrium AGU.TO, said.
On Oct. 20, Canpotex signed a three-year deal with China’s largest fertilizer maker Sinofert Holdings (0297.HK) for at least 3.15 million tonnes of potash, with pricing to be negotiated every six months. [ID:nSGE69J0L7]
The memorandum of understanding with the Korean company extends through Jan. 1, 2011 to Dec. 31, 2015, Canpotex said.
Potash Corp supplies Canpotex with 53.6 percent of its potash product, Mosaic 37.1 percent and Agrium about 9.3 percent. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))