PotashCorp to close mine for 1 month

PotashCorp will close its largest potash mine for one month as the fertilizer industry attempts to balance out its oversupply situation. The mine is located in Lanigan, Saskatchewan.

The company said in a statement that it will shut down the mine between Sept. 15 and Oct. 13. This move is characteristic of the company, which has made mine shutdowns a practice to match supply with demand.

North American potash supplies were 20 percent above the five year average in July, although they were lower month over month, according to industry data released by PotashCorp last week.

New supply contracts are expected to come in soon with key buyers in China and India.

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