Mosaic curbs potash production in Saskatchewan because of weaker prices

REGINA – Mosaic Co. is cutting potash production at one of its Saskatchewan mines because the market for crop nutrients has softened.

Mosaic says in a news release that it will reduce output at its Colonsay mine by extending maintenance downtime.

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It also plans to continue slower production in its phosphates business.

The company says the move is primarily because of delayed fertilizer purchases in Brazil and North America.

It says a volatile dollar, lower grain and oilseed prices, political and economic uncertainty, along with global equity market declines, have weakened prices.

Mosaic president and CEO Joc O’Rourke says the long-term outlook for crop nutrient demand remains positive, but near-term challenges mean production and costs must be controlled.