Friday, June 10, 2022

Nutrien to increase potash mining by 20 per cent

Nutrien, the world’s largest fertilizer producer, told its investors Thursday that it will increase its Canadian potash production by 20 per cent to an annual 18 million tonnes by 2025.

But that won’t be enough to replace supplies cut off from Russia and Belarus which are under sanctions because Russia invaded the Ukraine.

Russia and Belarus are the second and third largest potash producers.

“The world needs these volumes in order to feed people well,” said Nutrien’s interim chief executive officer Ken Seitz.

Seitz said it will take at least several years to replenish global crop supplies and for Russian and Belarusian potash trading volumes to return to normal levels.

BHP of Australia is building a large potash mine in Saskatchewan.