- Nutrien (TSX:NTR) has curtailed production at its Cory potash mine because of the ongoing Port of Vancouver strike
- The strike has reduced export capacity, compounding the effects of lower-than-expected potash prices
- The company is now expecting to underperform its full-year 2023 potash adjusted EBITDA guidance
- Nutrien is the world’s largest provider of crop inputs and services
- Nutrien stock (TSX:NTR) is down by 0.48 per cent trading at $78.47 per share
Nutrien (TSX:NTR) has curtailed production at its Cory potash mine because of the ongoing Port of Vancouver strike.
The International Longshore and Warehouse Union (ILWU) Canada strike, now in its second week, centres on a push for improved wages and protection from overuse of contractors. Approximately 7,400 union members working for more than 30 B.C. ports are participating in the demonstration.
Nutrien expects full-year 2023 potash adjusted EBITDA to fall below its previous guidance range because of various factors impacting offshore sales through the Canpotex Neptune terminal, including the ILWU strike, the Portland terminal outage, and lower-than-anticipated global potash prices.
The company will update full-year 2023 guidance reflecting these factors in its Q2 results on Aug. 2.
“The disruption at the Port of Vancouver has resulted in the curtailment of production at our Cory potash mine and if prolonged, could also impact production at our other potash mines in Saskatchewan. We urge the parties in this dispute to come to a swift resolution to prevent further damage to the Canadian economy,” Ken Seitz, Nutrien’s president and CEO, said in a news release.
Nutrien is the world’s largest provider of crop inputs and services.
Nutrien (TSX:NTR) is down by 0.48 per cent trading at $78.47 per share as of 9:35 am ET.
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