Mosaic Co. is closing its potash mine neara Colonsay, Sask.,
until the end of the year because potash prices are low.
Potash Corporation of Saskatchewan closed a mine in New
Brunswick earlier this year for the same reason.
About 330 employees at the Colonsay-area mine received
temporary layoff notices from Mosaic, which is based in Plymouth, Minnesota.
Mosaic, Agrium and Potash Corp of Saskatchewan are partners
in a government-approved cartel to price potash for export.
The three are awaiting a move by China which has been
setting global prices in recent years.
Prices tumbled two years ago when another cartel between Russia
and Belarus broke down, sparking a price war. A new shareholder in Russia’s
Uralkali said this week it wants that cartel to be re-established.
Spot potash prices in the U.S. Corn Belt tumbled to a
nine-year low this year.
