PotashCorp plans temporary shutdowns at 3 mines starting in December
PotashCorp will be temporarily shutting down its Allan, Cory and Lanigan mines for three weeks in December.
Company blames decision on weak markets
PotashCorp will be temporarily shutting down its Allan, Cory and Lanigan mines for three weeks in December.
The company stated it's trying to match supply to demand. The move, along with the permanent closure of a mine in New Brunswick, will reduce the company's production by around 500,000 tonnes of potash.
PotashCorp said there will be no layoffs in Saskatchewan tied to the shut down.
PotashCorp said cautious buying patterns in North America are keeping demand for the mineral low.
The company says other countries, like China and India, remain strong markets.
PotashCorp is reporting a drop in profits of 11 per cent in the third quarter.