PotashCorp: No New Potash Mines for 5 Years

June 29, 2012 03:31 AM

PotashCorp does not see any new potash mines opening in the next five years, according to a report by Reuters. In an article written by Rod Nickel, the firm's CEO Bill Doyle is quoted as saying: "This business is real easy to talk about -- it's much harder to do. There are no greenfield projects coming on in the next five years, between now and 2017, none."

The report indicates several firms plan new mines in Saskatchewan, PotashCorp's home base. These include BHP Billiton and K+S AG. "This is way overrated," Doyle is quoted as saying. "Way overplayed if you know anything about the process it takes to build new capacity." However, he did indicate some expansion in output from existing mines.

The story states North American potash inventories rose in May to well above-normal levels, partially due to a railroad strike, but Doyle indicates he expects those inventories to be drawn down in the next few months. He expects Brazil to import record-high volumes of potash this year and North American farmers to apply "healthy amounts" of fertilizer this fall to restore soil fertility.

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