Reuters –– U.S.-based fertilizer producer Mosaic Co. said Wednesday it would cut output of phosphates by up to 400,000 tonnes with rotating plant shutdowns in the first quarter, due to weak demand. Fertilizer producers have seen profits hit by falling prices, triggered in part by weak currencies in importing countries such as Brazil. “The long-term […] Read more
Mosaic cuts phosphate production
PotashCorp forecasts bleak year ahead
Reuters — PotashCorp has forecast its bleakest year in a decade and slashed its dividend, due to tanking fertilizer prices. Shares of PotashCorp, which also reported lower-than-expected quarterly profit on Thursday, bounced off earlier losses, climbing 1.9 per cent in New York by afternoon. On Monday they tumbled to a nine-year low. Potash prices have […] Read more
CP books more Prairie grain revenue at year-end
Higher grain revenue on Canada’s Prairies helped lead to record full-year revenues and offset a lower fourth-quarter gross for Canadian Pacific Railway (CP), as the company warned of substantial job cuts ahead. The railway on Thursday reported overall net income of $1.352 billion on record revenue of $6.712 billion for 2015, down from $1.476 billion […] Read more
Chinese group eyes indirect stake in Chile’s SQM
Santiago | Reuters — China’s CITIC CLSA Capital Markets will participate in the process to buy an indirect stake in Chilean crop nutrition and industrial chemical firm SQM, one of the world’s top lithium producers, the holding company selling the stake said Monday. Holding company Oro Blanco said in a filing with Chile’s securities regulator […] Read more
BHP Billiton to cut 76 Sask. potash jobs
Reuters — Anglo-Australian miner BHP Billiton will cut 76 jobs from its Canadian potash operations due to low commodity prices, a company spokesperson said on Friday. Work continues on sinking and lining shafts at BHP’s potash mine near Jansen, Sask., about 60 km southeast of Humboldt, according to the spokesperson. The mine would be the […] Read more
Canpotex sees terminal expansion decision late next year
Winnipeg | Reuters — The new chief executive of Canpotex expects the Canadian potash trader to decide around late 2016 where to expand West Coast terminal capacity, a move that could give it a faster route to Chinese buyers in a highly competitive market. Options include building a $775 million terminal at Prince Rupert, B.C., […] Read more
Sask. seeks price protection in altering potash taxes
Winnipeg | Reuters –– Potash-rich Saskatchewan hopes to revise its taxes on production of the crop fertilizer to avoid big revenue drops in years when prices sag, the Canadian province’s economy minister said Friday. Saskatchewan, home to mines operated by PotashCorp, Mosaic Co. and Agrium, is conducting its first full review in 10 years of […] Read more
Agrium bucks fertilizer sector trend with Q3 profit
Reuters — Canadian fertilizer and farm retail dealer Agrium on Thursday reported quarterly profit jumped nearly nine per cent, as higher sales volumes and lower costs helped it buck the sector’s trend of weaker earnings. Weaker currencies in fertilizer-buying markets such as Brazil and India are weighing down prices, leading rivals PotashCorp and Mosaic Co. […] Read more
Mosaic sees sliding fertilizer sales; cost-cutting boosts profit
Fertilizer sales look to slide through the rest of the year, U.S. producer Mosaic Co. said on Tuesday, as greater shipments into key markets by rivals in Belarus and China boost competition. The world’s largest producer of finished phosphate products reported a bigger-than-expected quarterly profit, helped by cost-cutting. Fertilizer prices have fallen as the strong […] Read more
Mosaic lays off staff at Sask. potash mine
Reuters — U.S. fertilizer company Mosaic Co. has laid off 46 unionized workers, or eight per cent of the workforce, at its Colonsay, Sask. potash mine, the company said Friday, as producers struggle with weak demand. Potash prices have fallen in the past year due to excessive mining capacity and reduced demand in key markets. […] Read more
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