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The Globe and Mail reported that Potash Corporation of Saskatchewan (TSX:POT,NYSE:POT) will be permanently closing one of its older potash mining operations in New Brunswick next month.
The Globe and Mail reported that Potash Corporation of Saskatchewan (TSX:POT,NYSE:POT) will be permanently closing one of its older potash mining operations in New Brunswick next month.
As quoted in the market news:
The decision was announced by the mine’s owner, Potash Corporation of Saskatchewan, when it issued its latest financial report.
Potash Corp. says the fertilizer market has been weaker than expected in the second half of this year and it’s taking measures to reduce inventory levels.
Besides speeding up the permanent closure of its Penobsquis mine in New Brunswick to the end of next month, the company says it plans three-week temporary shutdowns at three of its mines in Saskatchewan during the month of December.
Potash Corp. says it doesn’t expect layoffs as a result of its efforts to reduce production by 500,000 tonnes in the fourth quarter.
In New Brunswick, the company says its newer Picadilly mine is still ramping up to full capacity.
“Despite challenges over recent months, we are seeing signs of a shift in focus by distributors and farmers to 2016,” Potash Corp. chief executive Jochen Tilk said in a statement.
Click here to read the full Globe and Mail report.