Minister of Industry Confirms Notice Sent to BHP Billiton Regarding Proposed Acquisition of Potash Corporation

Ottawa, November 3, 2010 — Today, the Honourable Tony Clement, Minister of Industry, made the following statement regarding an application submitted by BHP Billiton Development 2 (Canada) Limited (BHP Billiton) on a proposed acquisition of Potash Corporation of Saskatchewan Inc. (PotashCorp):

"I can confirm that I have sent a notice to BHP Billiton indicating that, at this time, I am not satisfied that the proposed transaction is likely to be of net benefit to Canada.

"I came to this decision after a careful and rigorous review of the proposed transaction. BHP Billiton has 30 days to make any additional representations and submit any undertakings.

"At the end of that period, I will make a final decision.

"The confidentiality provisions of the Investment Canada Act prohibit me from discussing specifics of an ongoing case.

"I can assure Canadians, however, that I will provide an explanation of the reasons behind my final decision at the time that decision is made, in accordance with the provisions of the Act.

"Canada has a long-standing reputation for welcoming foreign investment. The Government of Canada remains committed to maintaining an open climate for investment."

For further information (media only), please contact:

Lynn Meahan
Press Secretary
Office of the Honourable Tony Clement
Minister of Industry
613-995-9001

Media Relations
Industry Canada
613-943-2502