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Potash Corp to curb production for 4 weeks at 2 Canada mines

Published 2016-02-25, 04:09 p/m
© Reuters. Potash Corp to curb production for 4 weeks at 2 Canada mines
POT
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WINNIPEG, Manitoba, Feb 25 (Reuters) - Potash Corp of
Saskatchewan Inc POT.TO said on Thursday that it will curtail
production at two Canadian mines for four weeks, as excessive
supplies pressure prices.
The company said it would curtail output at its Allan and
Lanigan mines in the province of Saskatchewan for four weeks,
starting March 20. The move is expected to reduce 2016
production by 400,000 tonnes, the company said. Potash Corp said
last month that it expected to sell 8.3 million to 9.1 million
tonnes of potash this year.
The shutdowns involve time for maintenance and do not
require layoffs, Potash said in a statement.
The move comes after Potash Corp last month closed its
newest potash mine in New Brunswick, citing weak market
conditions.
Prices of the crop nutrient have fallen as crop prices
soften and demand slackens in key buying countries such as
Brazil and India.
It is unlikely that the latest curtailments will stabilize
potash prices, and Potash Corp's decision may not be material if
the company is simply advancing its usual summer maintenance
period, said BMO analyst Joel Jackson in a note.

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