Murray Wood: Who's scary... and who's scary good?
Every Friday, Murray Wood takes a look at the week's news and decides who's hot... and who's not. This week, in a specia...
The Mosaic Company has paused production at its Colonsay potash mine.
In a media release, the company announced it has “temporarily curtailed production” at the mine due to decreased demand late this year.
According to the company, the mine had been producing at an annual rate of 1.3 million tonnes, with plans to expand that to 1.8 million to 2.0 million tonnes by late 2023 when the mine’s second mill is to start operating.
“With demand returning slower than expected in the second half of 2022, Mosaic’s inventory levels are sufficient to meet near-term demand,” the release said. “Underground development work will continue in anticipation of the restart of both mills in early 2023.”
In the release, Mosaic president and CEO Joc O’Rourke said the decision to slow production at Colonsay “reflects near-term dynamics and not long-term agricultural market fundamentals.” The company believes there should be more demand for fertilizer in 2023.
Colonsay is about 70 kilometres southeast of Saskatoon.
