Advertisement
Canada markets closed

  • S&P/TSX

    21,969.24
    +83.86 (+0.38%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CAD/USD

    0.7316
    -0.0007 (-0.09%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • Bitcoin CAD

    87,463.06
    -996.67 (-1.13%)
     

  • CMC Crypto 200

    1,383.71
    -12.82 (-0.92%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • RUSSELL 2000

    2,002.00
    +20.88 (+1.05%)
     

  • 10-Yr Bond

    4.6690
    -0.0370 (-0.79%)
     

  • NASDAQ

    15,927.90
    +316.14 (+2.03%)
     

  • VOLATILITY

    15.03
    -0.34 (-2.21%)
     

  • FTSE

    8,139.83
    +60.97 (+0.75%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • CAD/EUR

    0.6838
    +0.0017 (+0.25%)
     

Nutrien's potash earnings to take a hit on mine shutdowns

Reuters

(Reuters) - Fertilizer producer Nutrien Ltd <NTR.TO> said on Wednesday it would face a $100-$150 million reduction in its annual potash EBITDA as a result of inventory shutdowns at three potash mines due to a short-term slowdown in global potash markets.

The company said it planned eight-week inventory shutdowns at its Allan, Lanigan and Vanscoy potash mines in the fourth quarter, adding it would reduce potash production by about 700,000 tonnes.

"Despite the current short-term market conditions, we remain positive on potash demand for 2020, as well as the medium to long-term potash fundamentals," Nutrien said in a statement.

Nutrien lowered its 2019 potash sales volume forecast in July, hurt by the China-U.S. trade war and lower demand from India.

(Reporting by Sathvik N in Bengaluru; editing by Darren Schuettler)