By James Wellstead — Exclusive to Potash Investing News
Despite falling DAP prices, India's import of the key fertilzer declined seven percent to 6.87 million tonnes in the April to February period of this fiscal year. The removal of a government subsidy has culled demand of the key farm input. However, outlook remains strong within the government as demand for DAP is expected to grow by four percent to 12.61 million tonnes from the 12.09 million tonnes seen in the 2010-11 financial year.Junior mining news Rum Jungle Resources Ltd. (ASX: RUM) recently announced that it has applied to the Northern Territory Department of Resources for a Mineral Lease for its Barrow Creek 1 phosphate resource in Northeast Australia. Discovered in October 2010, Rum Jungle's Barrow Creek 1 deposit was recently assessed to have a total JORC resource (inferred and indicated) of 253 million tonnes at an average grade of 15 percent P2O5 and a total resource of 97 million tonnes at an average grade of 18 percent P2O5 (inferred and indicated). Exploration company Minbos Resources Ltd. (ASX: MNB) recently upgraded 253.8 million tonnes of its global resources to 12.6 percent phosphorus at its Angola-based Cabinda project. The upgrade improves the company's initial global inferred resource of 304 million tonnes at 11.5 percent phosphorus. The verification of the resource upgrade will facilitate the conversion of 25 million performance shares in Minbos to ordinary shares. Agrium Inc. (TSX: AGU) subsidiary Utah Phosphate Co. met with local community members in Uintah County, Utah to discuss the feasibility of phosphate production on recently purchased leases northwest of Vernal, Utah. While comprehensive feasibility studies have not yet been conducted on the company's newly-acquired land, the community gathered to list a number of concerns around potential impacts to water supply for local residents. It will likely take up to a decade for production to hit full swing on any of the sites, but Utah Phosphate will continue community outreach and testing to determine whether these sites carry value and resources significant enough to warrant production.