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Mosaic to idle Colonsay potash mine for 2016

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Mosaic to idle Colonsay potash mine for 2016

Challenging potash market conditions prompted to idle itsSaskatchewan-based Colonsaypotash mine for the rest of 2016.

The company will also stop turnaround activities at themine, which has an annual production capacity of 2.6 million tonnes.Meanwhile, the U.S.-based company will serve its short-term supply needs fromlow-cost Esterhazyand Belle Plainemines, along with current inventory.

Company President and CEO Joc O'Rourke said that the idlingof Colonsay will help reduce production costs.

In addition, the company has served temporary layoff noticesto about 330 employees due to the idling.

In May, Mosaic said it was looking to invest less and selllower volumes of potash and phosphate in 2016 than previously anticipated,after first-quarter net earnings dropped12.89% to US$256.80 million, or 73 cents per share.

In January, PotashCorp. of Saskatchewan Inc. indefinitelysuspended its Picadilly, New Brunswick, potash operations, toeliminate significant CapEx.