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Mosaic to temporarily curtail production at Esterhazy potash mine

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World Fertilizer,

The Mosaic Company is to temporarily curtail production at its Esterhazy mine in Saskatchewan, Canada, which when combined with a previously announced potash curtailment, brings total curtailments to up to 600 000 t.

The curtailment is not expected to impact the pace of development at the Esterhazy mine K3 project. The increased curtailment is based on increasing inventories as a result of a short-term slowdown in global potash markets and increased risks of a delay in Chinese contract settlement. If the full amount of the curtailment is realised in lower 4Q19 sales, it would result in a negative impact of approximately US$150 million in adjusted EBITDA.

“While near-term fertilizer markets remain challenging, we continue to expect a very strong application season in Brazil and North America, and a better supply and demand balance in 2020,” said President and CEO, Joc O’Rourke.

The company plans to provide updated market commentary when it reports earnings, after close 4 November 2019. On 6 August, the company provided sensitivity of 2019 adjusted EBITDA for both phosphates and potash price changes.

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