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Nutrien to cut potash production in Saskatchewan as global markets slow

Fertilizer producer Nutrien Ltd. expects potash production to be reduced by about 700,000 tonnes as it plans to shut down inventories at its Allan, Lanigan and Vanscoy potash mines in Saskatchewan for eight weeks during the fourth quarter.

The shutdown, to be implemented in response to a short-term slowdown in global potash markets, could reduce EBITDA for the year by US$100 million to US$150 million, the company said Sept. 11.

Nutrien noted that it remains positive on potash demand for 2020, as well as the medium to long-term potash fundamentals, and will gradually ramp up output to meet demand.

Nutrien's second-quarter consolidated net earnings fell 39% yearly to US$858 million, or US$1.47 per share, prompting the company to lower its full-year adjusted earnings per share guidance to between US$2.70 per share and US$3.00 per share, from between US$2.80 per share to US$3.20 per share.

Adjusted consolidated EBITDA guidance was cut to between US$4.35 billion and US$4.70 billion, from between US$4.4 billion to US$4.9 billion previously.

Mosaic Co. also recently announced plans to idle its Faustina and Uncle Sam phosphate production facilities in Louisiana by Oct. 1 to cut 2019 output by about 500,000 tonnes due to declining phosphate prices.