The company’s move contrasts with the position of other potash companies, including Canada’s Nutrien (TSX, NYSE: NTR), the world’s largest producer of the fertilizer ingredient.
The Saskatoon-based firm and other North American potash miners ramped-up production after Russia’s invasion of Ukraine in February this year.
Nutrien said in November it planned to boost potash production capacity to 18 million tonnes by 2025, representing a 40% increase from 2020 levels.
The company believes the market will continue to face global shortages as supplies from Russia and Belarus are becoming more limited than anticipated.
About 60% of new production that was expected to come into the market over the next five years was in Russia and Belarus. Currently, it’s unclear how much of that will come online.
BHP (ASX: BHP) decided in July to speed up construction at its $5.7 billion Jansen potash mine in Canada.
The world’s largest…
