PotashCorp Announces Open Market Repurchase Program and Declares Quarterly Dividend Listed: TSX, NYSE SASKATOON, SK, Jan. 25 /PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported that its Board of Directors has approved its intention to commence, subject to regulatory approval, an open market repurchase program of approximately 5 percent of its outstanding common shares over a one-year period through a normal course issuer bid. The share buyback will involve the purchase of common shares at the prevailing market price from time to time. "This reflects our belief in the potash business and our focused approach to reinvesting in that business for the benefit of our continuing shareholders," said Bill Doyle, President and CEO. PotashCorp also announced today that its Board of Directors has declared a quarterly dividend of US $0.15 per share payable May 13, 2005 to shareholders of record April 15, 2005. Under the announced share buyback program, PotashCorp would be permitted to repurchase up to 5.5 million of its outstanding shares in the open market. The actual number of shares purchased, the timing of purchases and the price at which the shares would be bought would depend upon future market conditions, and upon potential alternative uses for cash resources. At December 31, 2004, the company had 110,630,503 common shares outstanding. Shares purchased under the program will be cancelled. Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, third largest in phosphate and fourth largest in nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and one of only three North American suppliers of industrial phosphates. This release contains forward-looking statements, which involve risks and uncertainties, including those referred to in the company's annual report to shareholders for 2003 and in filings with the U.S. Securities and Exchange Commission and Canadian provincial securities commissions. A number of factors could cause actual results to differ materially from those in the forward- looking statements, including, but not limited to: fluctuation in supply and demand in fertilizer, sulfur, transportation and petrochemical markets; changes in competitive pressures, including pricing pressures; risks associated with natural gas and other hedging activities; changes in capital markets; changes in currency and exchange rates; unexpected geological or environmental conditions; and government policy changes. DATASOURCE: Potash Corporation of Saskatchewan Inc. CONTACT: Betty-Ann Heggie, Senior Vice President, Corporate Relations, Phone: (306) 933-8521, Fax: (306) 933-8844, E-mail: , Web Site: http://www.potashcorp.com/

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