BETHUNE, SK, May 2, 2017 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) today joins K+S Potash Canada (KSPC) in
celebrating the grand opening of the Legacy Project mine
site.
The mine is the first of its kind built in Saskatchewan in more than 40 years, and the
rail infrastructure built to serve the mine is the most significant
engineering project undertaken by CP since the mid-1980s.
"We are incredibly proud to have collaborated with K+S Potash
Canada on this project and look forward to delivering their product
to international markets for years to come," said CP President and
CEO Keith Creel. "Building 30
kilometers of new rail through a rural area, including a river
valley, is no easy feat and I want to congratulate all those who
invested their time and energy in bringing this project to a
successful conclusion."
The 30 kilometer route to the mine site was a geotechnical
challenge as grading through the valley required the movement of
9.7 million cubic metres of earth. Adding to the scope of the
project was the construction of a 137 metre bridge and 70 metre
tunnel.
"KSPC needed to ensure that transportation of product from our
mine to our port facility would be both secure and competitive,"
said Dr. Ulrich Lamp, President and
CEO, KSPC. "When we signed the contract with Canadian Pacific in
2013, we knew we had found the perfect partner and strategic fit
for those needs. We are so pleased to see the finished rail
infrastructure."
In the end, the rail project featured nearly 50,000 rail ties,
30.4 kilometers of track, 4,500 tonnes of steel (plates, rail,
bolts), 90,000 tonnes of ballast and thousands of hours of
work.
CP will primarily use unit trains - trains that consist of only
one type of cargo – to ship the potash products to KSPC's handling
and storage facility in Port Moody,
B.C. then on to overseas market. These unit trains will be
approximately a mile and a half long, consisting of 177 rail cars
and four locomotives.
The mine will have marketable product by the end of Q2 2017 and
will reach a production capacity of two million tonnes of potash by
the end of 2017.
In 2013, CP signed an exclusive, long-term contract with KSPC to
deliver its potash products safely and efficiently to international
markets.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited to business operation expectations. This
forward-looking information may also include, but is not limited
to, statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward-looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of
factors is not exhaustive.
These and other factors are detailed from time to time in
reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information" in CP's
annual and interim reports on Form 10-K and 10-Q. Readers are
cautioned not to place undue reliance on forward-looking
information. Forward looking information is based on current
expectations, estimates and projections and it is possible that
predictions, forecasts, projections, and other forms of
forward-looking information will not be achieved by CP. Except as
required by law, CP undertakes no obligation to update publicly or
otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to eight major ports,
including Vancouver and
Montreal, providing North American
customers a competitive rail service with access to key markets in
every corner of the globe. CP is growing with its customers,
offering a suite of freight transportation services, logistics
solutions and supply chain expertise. Visit cpr.ca to see the rail
advantages of CP.
About the K+S Group
K+S is an international resources company. We have been mining
and processing mineral raw materials for more than 125 years. The
products we produce from them are used worldwide in agriculture,
food and road safety and are important elements in numerous
industrial processes. Potash and salt are integral nutrients for
the megatrend of a constantly growing and increasingly prosperous
global population striving for a higher standard of living. This
will result in increasing consumption of mineral resources. We
serve the resulting growth in demand from production sites in
Europe, North America and South America as well as through a global
distribution network. K+S is the world's largest salt producer and
one of the top potash providers worldwide. With more than 14,000
employees, K+S achieved revenues in financial year 2016 of about €
3.5 billion and an EBIT of € 229 million. Learn more about K+S at
www.k-plus-s.com.
About the Legacy Project
K+S is putting its more than one hundred years of mining
experience and world-class expertise to work on the Legacy Project,
a potash solution mine and production facility being built near
Moose Jaw. It will be the first
new greenfield potash mine built in Saskatchewan in over forty years.
Commissioning started in summer of 2016. K+S expects it will
produce its first marketable tonne of potash by the end of Q2
2017 and is projected to reach two-million-tonnes of production
capacity by the end of 2017. The Legacy Project will mean new job
opportunities for Saskatchewan
workers and new business opportunities for Saskatchewan companies supplying goods and
services to this major economic development. K+S is growing
Saskatchewan, while providing the
potash that is needed to help feed a growing world population. More
information at www.ks-potashcanada.com.
SOURCE Canadian Pacific