Mosaic misses quarterly profit estimates, finance chief to retire
Mosaic had cut its Q3 production forecast following equipment failures in Canada and hurricanes at the US Gulf Coast.
Mining Weekly Online quotes Karnalyte Resources CEO Robin Phinney as saying that its Wynyard project in Saskatchewan has enough resources to eventually produce 6m tons of potash a year and that the company is considering bringing in joint venture partners to do so.
Karnalyte initially expects to ramp up production by 500,000 tons per year to reach 2m tons by 2016/2017 at a cost of $1.5bn. The company on Friday was trading at $11, up 42% since it debut on the TSX mid-December last year.
“Phinney said Karnalyte’s proposed solution-mining method carries a lower capital and operating cost than traditional mining methods, and can be brought into production quicker too.”
