Investing.com - Financial Markets Worldwide
📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

UPDATE 1-Potash Corp mine closure may shelve Canpotex port plans -CEO

Published 2016-01-21, 06:17 p/m
© Reuters. UPDATE 1-Potash Corp mine closure may shelve Canpotex port plans -CEO
AGU
-
POT
-

(Adds Canpotex comment)
By Rod Nickel
Jan 21 (Reuters) - The suspension of production at an
eastern Canadian mine may lead Potash Corp of Saskatchewan Inc
POT.TO POT.N to shelve plans to build a new West Coast
shipping terminal with partners Mosaic Co MOS.N and Agrium Inc
AGU.TO , Potash Chief Executive Jochen Tilk said on Thursday.
Canpotex Ltd, owned by the three companies, has been
considering construction of the terminal at Prince Rupert,
British Columbia.
Potash said on Tuesday it would shut its newest mine,
Picadilly, in New Brunswick, due to weak market conditions.

The company also said its storage and loading facilities at
Saint John, New Brunswick, with capacity of handling 2.5 million
tonnes annually, could now be used by Canpotex.
It ships potash offshore that Potash Corp, Mosaic and Agrium
produce in the western province of Saskatchewan.
The decision allows Canpotex to "indefinitely defer" a
decision on the C$900 million Prince Rupert terminal, Tilk told
a CIBC investor conference in Whistler, British Columbia.
"We certainly don't anticipate making that decision in the
next 10 years, so we're very good with our port facilities on
the West Coast and on the East Coast," he said.
Canpotex has made no final decision about the Prince Rupert
terminal, said Chief Executive Ken Seitz.
With port facilities in New Brunswick now available,
Canpotex is reviewing its supply-chain strategy, he said. The
review will include looking at the Prince Rupert terminal's
feasibility, with a decision likely this year, Seitz said.
Tilk also said Potash Corp's board of directors would
discuss the company's dividend next week. Analysts have
speculated that Potash will reduce its dividend.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.