SASKATOON – PotashCorp says it will stop production March 20 at its Allan and Lanigan mines. The stoppage is expected to last for a month.
The company will use the downtime to do maintenance, so there will not be any layoffs.
Potash prices continue to decline on world markets, and the company wants to match supply with demand.
In January, PotashCorp announced it would close a potash mine in New Brunswick.
READ MORE: PotashCorp slashes dividend 34% on weaker sales, lower prices
It also announced it was cutting its dividend by 34 per cent in response to weaker sales volumes and lower global fertilizer prices.
PotashCorp is forecasting its 2016 earnings will amount to between 90 cents and $1.20 per share, including between 10 and 20 cents per share in the first quarter.
With files from The Canadian Press
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