Tentative deal could end strike at Potash Corp.

After three months, a strike involving 500 Saskatchewan potash mine workers could soon be over.

The Potash Corporation of Saskatchewan said Friday it has reached a tentative deal with the United Steelworkers.

A ratification vote has been set for Nov. 13.

Employees from the Allan, Cory and Patience Lake mines have been off the job since Aug. 8.

Roger Falconer, the chief union negotiator, said talks that had been stalled restarted Thursday after the mediator contacted both sides and found a willingness to bargain.

"You know, after 14 weeks I think both sides took a look and said 'Is there any way we can reach an agreement? And if there is, let's do it,'" Falconer said.

"We went all through the night and we concluded a tentative agreement at about three or four o'clock in the morning."

According to company spokesman Bill Johnson, the recent economic turbulence may have been a factor in reaching a settlement.

"It's probably fair to say that the outlook in the world economy looks a little different today than it did three months ago, but you know, the two sides decided it was time to get back to work."

No details of the tentative deal have been released, though when the union went on strike in August it said it was seeking wage increases and improvements to the pension plan.

It also said it wanted workers to share in the potash price bonanza that PCS shareholders were receiving.

Last month, the company reported third-quarter profits of $1.24 billion, a five-fold increase over the same period last year.

However, since the strike began, PCS's stock price has plummeted, from about $180 in August to less than $95 Friday morning.

The three mines that had been shut by the strike represented about six per cent of world potash production, the union said.

Potash Corporation of Saskatchewan is the world's largest fertilizer company.