Dec 3 Canadian potash producer Agrium Inc
said on Tuesday that it is not planning job cuts at its
Vanscoy, Saskatchewan, mine, even after larger fertilizer rival
Potash Corp of Saskatchewan revealed plans to slash
Agrium spokesman Richard Downey said in an email to Reuters
that the mine's operating rates can vary depending on the season
and demand, but that is normal.
Potash Corp said Tuesday that it would slash its workforce
by more than 1,000 jobs, or 18 percent, across its potash,
phosphate and nitrogen businesses in Canada, the United States
and Trinidad. Its potash business is the hardest
hit, due to slumping demand and prices of the crop nutrient.
Mosaic Co, the second-biggest North American potash
producer after Potash Corp, would not say directly whether
production or job cuts are under consideration.
"We always monitor market conditions and align our resources
to meet both short- and long-term demand, while remaining
cost-competitive in the global market environment," spokesman
Rob Litt said in a statement.
Mosaic, whose third-quarter profit plunged 70 percent, said
on Nov. 5 that it would run its potash mines below 65 percent of
capacity overall in the fourth quarter.
Shares of Mosaic, which is also a major phosphate producer,
dropped 1.9 percent to $46.31 in New York by early afternoon.
Potash Corp stock was flat in New York and up slightly at
C$33.78 in Toronto, while Agrium was down by less than 1 percent
in both markets.
Potash Corp's cuts affect 440 workers in Potash Corp's home
province of Saskatchewan, which counts on potash revenues for
about 3.5 percent of its C$11 billion ($10.4 billion) budget.