Exhibit 12

Potash Corporation of Saskatchewan Inc.
Ratio of Earnings to Fixed Charges
(in millions of US dollars, except ratio amounts)
(unaudited)

	Year ended December 31
	2009			2008			2007			2006			2005
Canadian GAAP
Net income	$	987.8		$	3,495.2		$	1,103.6		$	631.8		$	542.9
Income taxes		83.5			1,077.1			416.2			158.1			267.4
Share of earnings of equity investees		(133.7	)		(255.8	)		(76.2	)		(54.4	)		(52.1	)
Fixed charges		255.9			187.1			187.5			183.5			149.1
Distributed income of equity investees		130.9			89.1			40.6			29.9			18.6
Interest capitalized		(68.2	)		(42.9	)		(21.8	)		(19.1	)		(5.7	)
Total Earnings Available for Fixed Charges	$	1,256.2		$	4,549.8		$	1,649.9		$	929.8		$	920.2
Fixed Charges
Interest expensed and capitalized	$	227.2		$	160.9		$	165.4		$	163.6		$	127.2
Amortization of debt issue costs		3.0			1.8			2.3			1.0			2.2
Estimated portion of rent expense representing interest		25.7			24.4			19.8			18.9			19.7
Total Fixed Charges	$	255.9		$	187.1		$	187.5		$	183.5		$	149.1
Ratio of Earnings to Fixed Charges		4.91			24.32			8.80			5.07			6.17
US GAAP
Net income	$	996.1		$	3,395.2		$	1,061.5		$	625.8		$	532.7
Income taxes		56.1			1,175.8			452.3			174.4			288.0
Share of earnings of equity investees		(132.5	)		(254.8	)		(74.3	)		(54.9	)		(55.8	)
Fixed charges		255.9			187.1			187.5			183.5			149.1
Distributed income of equity investees		130.9			89.1			40.6			29.9			18.6
Interest capitalized		(68.2	)		(42.9	)		(21.8	)		(19.1	)		(5.7	)
Total Earnings Available for Fixed Charges	$	1,238.3		$	4,549.5		$	1,645.8		$	939.6		$	926.9
Fixed Charges
Interest expensed and capitalized	$	227.2		$	160.9		$	165.4		$	163.6		$	127.2
Amortization of debt issue costs		3.0			1.8			2.3			1.0			2.2
Estimated portion of rent expense representing interest		25.7			24.4			19.8			18.9			19.7
Total Fixed Charges	$	255.9		$	187.1		$	187.5		$	183.5		$	149.1
Ratio of Earnings to Fixed Charges		4.84			24.32			8.78			5.12			6.22