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Mosaic cuts 8 pct of workforce at Canadian potash mine

Published 2015-10-23, 10:29 a/m
© Reuters. Mosaic cuts 8 pct of workforce at Canadian potash mine
AGU
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POT
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ICL
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WINNIPEG, Manitoba, Oct 23 (Reuters) - U.S. fertilizer
company Mosaic Co MOS.N has laid off 46 unionized workers, or
8 percent of the workforce, at its Colonsay, Saskatchewan potash
mine in Western Canada, the company said on Friday, as producers
struggle with weak demand.
Potash prices have fallen in the past year due to excessive
mining capacity and reduced demand in key markets. Dry weather
has limited crop production in India and a new Chinese tax and
weak economy in Brazil also have hampered sales.
Colonsay has higher production costs than Mosaic's other
Saskatchewan mines. In September, Mosaic said it would curtail
production there due to delayed fertilizer purchases in Brazil
and North America. urn:newsml:reuters.com:*:nL1N11R26V
The cuts to unionized jobs are permanent and due to "current
market conditions," Mosaic representative Sarah Fedorchuk said.
They take effect immediately.
"The silver lining behind production cuts and layoffs is
that (Mosaic) believes the market is salvageable with some
incremental discipline," Scotiabank analyst Ben Isaacson said in
a note to clients. "If anything, we see it as positive."
Mosaic continues to expand its Esterhazy, Saskatchewan
potash mine.
Mosaic shares gained 0.7 percent to $35.42 on the New York
Stock Exchange.
ICL Israel Chemicals Ltd's ICL.TA chief executive on
Thursday said China and India were seeking discounts on their
next contracts with potash suppliers. urn:newsml:reuters.com:*:nL1N12M279
Mosaic, Potash Corp of Saskatchewan POT.TO and Agrium Inc
AGU.TO sell potash to those markets through their company
Canpotex Ltd.

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