Potash producer Mosaic has hit the pause button on production at its Colonsay mine.
According to the company, the mine had been operating at an annual run rate of 1.3 million tonnes.
Mosaic had plans to expand output by late 2023 to 1.8 million tonnes, but says it has enough inventory to meet short term demand.
Prices have slumped from record levels after the Russian invasion of Ukraine, driving producers around the world to pause buying potash as much as they had.
“Our decision to temporarily curtail Colonsay reflects near-term dynamics and not long-term agricultural market fundamentals. Crop prices remain strong and continue to support healthy grower economics,” said President and CEO Joc O’Rourke in a media release on Mosaic’s site.
