Nutrien increasing potash production in response to global supply uncertainty

Nutrien Ltd. (TSX and NYSE: NTR) announced that in response to the uncertainty of potash supply from Eastern Europe it plans to increase potash production capability to approximately 15 million tonnes in 2022, an increase of nearly one million tonnes compared to previous expectations. The majority of additional volume is expected to be produced in the second half of the year.

“Our thoughts and sympathies are with those impacted by the crisis in Ukraine and we hope for an immediate de-escalation of this conflict. The impacts of this conflict extend beyond Eastern Europe as a disruption in supply of key agriculture, fertilizer and energy commodities could have implications for global food security,” said Ken Seitz, Nutrien’s Interim President and CEO.

“Nutrien is responding to this period of unprecedented market uncertainty by safely expanding potash production to help provide our customers with the crop inputs they need. We continue to closely monitor market conditions and will evolve our long-term plans to ensure we utilize our assets in a safe and sustainable manner that benefits all our stakeholders,” added Mr. Seitz.

Nutrien’s 2022 potash production is expected to increase by nearly 20 percent compared to 2020 and account for more than 70 percent of global production added over this period. Nutrien expects a small increase in its 2022 capital expenditures and will be hiring additional employees across its network of low-cost potash mines in Saskatchewan.

Nutrien will provide a further update on its outlook and 2022 full-year guidance in its first-quarter 2022 earnings release in early May.