Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Oil’s downfall may get more attention but the potash industry that forms the bedrock of the Prairie mining industry is going through its own bust — and analysts say there’s no quick recovery in sight.
Potash, the lightly coloured mineral used as a crop fertilizer, is big business in Canada. Last year, producers dug out $6.7-billion worth of it, putting it second only to gold in terms of produced mineral value in the country.
But like oil, a wave of overbuilding and production increases in recent years — spurred by a spike in crop prices and a perceived demand that didn’t quite materialize — have left the market flooded with supply.
