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Mosaic cuts potash output as demand slumps, lowers outlook

Published 2015-09-21, 04:41 p/m
© Reuters. Mosaic cuts potash output as demand slumps, lowers outlook

Sept 21 (Reuters) - U.S. fertilizer company Mosaic Co
MOS.N said on Monday that it would cut potash production and
maintain its reduced phosphate output pace, lowering its outlook
for sales.
Mosaic shares dipped 2 percent in after-hours trading in New
York. They had closed down 1.5 percent at $36.44.
Delayed fertilizer purchases in Brazil and North America
have weakened markets, along with volatile currency and equity
markets and lower crop prices, Mosaic said in a statement after
markets closed.
As a result, the Minnesota-based company said it would
extend maintenance downtime at its Colonsay, Saskatchewan potash
mine in Western Canada.
"We are managing our production levels to match current
demand, controlling our costs, and maintaining our discipline,"
said Chief Executive Joc O'Rourke, who took over in August.
Mosaic, North America's second-biggest potash producer, said
potash volumes for the third quarter are expected to be in the
bottom half of its guidance range of 1.6 million to 2 million
tonnes. The average selling price for muriate of potash is
expected to be in the bottom half of the previously announced
range of $260 to $280 per tonne.
The world's largest producer of finished phosphate products
said phosphate volumes are expected to be at the low end of its
range of 2.1 to 2.4 million tonnes for the third quarter. The
average selling price for diammonium phosphate (DAP) is expected
to be in the upper half of a range of $435 to $455 per tonne.

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