Canada's Nutrien boosting potash output in response to Ukraine crisis
Canadian potash major Nutrien will bolster its potash production to about 15-million tonnes this year, an increase of nearly one-million tonnes to previous expectations, owing to uncertainty of potash supply from Eastern Europe.
The majority of the additional volume would be produced in the second half of the year, the company said on Wednesday.
“Our thoughts and sympathies are with those impacted by the crisis in Ukraine and we hope for an immediate de-escalation of this conflict. The impacts of this conflict extend beyond Eastern Europe as a disruption in supply of key agriculture, fertiliser and energy commodities could have implications for global food security,” said Nutrien interim president and CEO Ken Seitz.
He said Nutrien was responding to the unprecedented market uncertainty by safely expanding potash production to help provide customers with the crop inputs they needed
“We continue to closely monitor market conditions and will evolve our long-term plans to ensure we utilise our assets in a safe and sustainable manner that benefits all our stakeholders,” added Seitz.
Nutrien’s 2022 potash production is expected to increase by nearly 20% compared with 2020 and account for more than 70% of global production added over this period.
The company is expecting a small increase in its 2022 capital expenditures and will be hiring additional employees across its network of low-cost potash mines in Saskatchewan.
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