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Nutrien announces further increase in potash production

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World Fertilizer,

Nutrien has increased its 1H21 earnings guidance, given the strength in global fertilizer markets and strong operational results. 1H21 adjusted net earnings per share (EPS) is expected to be US$2.30 to US$2.50, up significantly from the previous guidance of US$2.00 to US$2.20 (1Q21 adjusted net earnings per share was US$0.29).

In response to continued tightening in global potash market conditions, the company is planning to produce a further 500 000 t of potash, which is in addition to the 500 000 t increase announced on 7 June 2021. As a result, the company now expects to produce 1 million t of incremental potash in 2021 compared to expectations earlier this year. The majority of the increased production is expected to occur in 4Q21, with some of these additional tonnes expected to be sold in early 2022. Updated guidance for potash sales volumes in 2021 is 13.3 to 13.8 million t, which would exceed the company's previous record high for annual sales volumes of 13 million t set in 2018.

“The quality and breadth of our integrated network combined with unparalleled expertise in potash mining and an exceptional transportation and logistics system helps ensure our customers have the crop inputs they need to feed a growing world and drives tremendous shareholder value. With continued strength in global agriculture and crop input markets, we are raising guidance and expanding our potash production by a total of one million tonnes to ensure farmers get the potash they need,” commented Mayo Schmidt, Nutrien’s President and CEO.

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