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NUTRIEN MAY INCREASE ITS POTASH PRODUCTION BY 29%, DEPENDS ON RUSSIA SANCTIONS
Feb. 4, 2022
Reuters reports:
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| Nutrien Ltd, the world's biggest potash miner, could boost production by up to 29% in coming years, depending on any sanctions facing rival producers.
(Nutrien) |
Winnipeg, MB - Nutrien Ltd, the world's biggest potash miner, could boost production by up to 29% in coming years, depending on any sanctions facing rival producers in Russia and Belarus, the Canadian company's interim CEO told Reuters.
Prices of granular potash fertilizer are near 10-year highs in the United States and Brazil, helped by Western economic sanctions against Belarus https://www.reuters.com/markets/commodities/potash-importers-brace-prolonged-price-rally-after-sanctions-belarus-2021-12-21. Russia, home of Uralkali and EuroChem potash mines, faces possible economic sanctions https://www.reuters.com/world/europe/us-seeks-protect-europes-energy-supplies-if-russia-invades-ukraine-2022-01-25 if it invades Ukraine.
Uralkali and Belarus Potash Company (BPC) together account for more than one-third of global potash sales, according to BMO Capital Markets.
Soaring fertilizer prices have cut in to farmers' incomes and contributed to global food inflation. Additional potash production may slow rising costs.
Saskatoon, Saskatchewan-based Nutrien could restart up to 4 million tonnes of idled annual capacity in that Canadian province in coming years as it assesses the long-term outlook for sanctions against competitors, interim Chief Executive Ken Seitz said in his first interview since his promotion https://www.reuters.com/article/nutrien-ceo-idCNL4N2TK2CN in January.
"If these are short-lived events, we don't want to spend all kinds of money staffing and opening up ground," he said. "If this is going to be a longer-term problem for the market, we will absolutely do that.
To view the complete report, click here.
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