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.
The Mosaic Company of Tampa, Florida, says it is accelerating the development of the Esterhazy K3 potash mine by a full year. The new plan means the K1 and K2 shafts can be closed, and the elimination of brine management costs by the middle of 2022. Lower costs of production are also expected.
The Colonsay potash mine was temporarily idled in August , and the Esterhazy K1 and K2 shafts will be too. Suspending the two mines will cut the company’s production by 600,000 tonnes of potash. Idling the two mines will have no effect on development a the Esterhazy K3 project.
When operating at full capacity, the Esterhazy K3 mine will have production of about 900,000 tonnes of potash per year.
(This article first appeared in the Canadian Mining Journal)
