Mosaic restarted a Canadian potash plant last month after idling it since December due to waning demand for the crop fertilizer.
The company says it expects tight supplies through 2023.
Mosaic restarted the Colonsay, Sask., mine to offset a short-term drop in potash production that was due to summer maintenance at the larger Esterhazy, Sask., mine, the Florida-based company said Aug. 1.
War in Ukraine and extreme weather are limiting crop supplies, elevating the importance of fertilizer to maximize production, CEO Joc O’Rourke said on an Aug. 2 call with analysts.
“We’re already seeing robust demand in several of our key markets since the spring,” O’Rourke said, referring to North America and Brazil.
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