PotashCorp not expecting employee layoffs in Sask. in fourth quarter
Company released third quarter earnings on Wednesday
Despite a weaker fertilizer market in the first half of 2015, PotashCorp is not expecting employee layoffs in Sask. as it looks to the next quarter.
The company recently announced the shut-down of the Penobsquis mine in New Brunswick. Three mines in Sask. will go through an inventory shutdown in December, where production will halt temporarily.
"While we anticipate production in the fourth quarter to be reduced by nearly 500,000 tonnes, we do not expect employee layoffs," PotashCorp president and CEO Jochen Tilk said in a release.
The release also outlined some of the market conditions saying that overall global potash demand was strong in the third quarter "as higher volumes to Brazil, India and China helped offset slower purchasing in other markets."
But the company added that prices declined in most potash markets, "with many buyers moving cautiously amidst economic headwinds and significant currency volatility."