Mosaic To Cut Potash Production
The Mosaic Co. has announced a reduction of up to 20 percent in planned potash production from February through May 2012. This curtailment will result in lower operating rates at Mosaic’s mines, but is not currently expected to result in any employee layoffs or material mine shutdowns.
“Cautious dealer sentiment continues to delay purchases and lower near-term demand for potash,” said Jim Prokopanko, Mosaic’s president and CEO. “Farmer economics remain strong, and we continue to expect an above average application season in North America and record-setting global potash shipments in 2012. While we are confident fundamentals will ultimately prevail, we’ve taken steps that reflect the near-term supply and demand balance for potash.”
In January, Mosaic Co. announced it will trim its quarterly finished phosphate production by up to 250,000 tonnes because of current market prices.