Nutrien's potash earnings to take a hit on mine shutdowns
Sept 11 (Reuters) - Fertilizer producer Nutrien Ltd 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