SASKATOON – Potash Corp. of Saskatchewan Inc. says 140 positions are being cut next year and an undetermined number of temporary layoffs will occur as the company reduces output amid weak prices.

The Cory potash operation, southwest of the company’s head office in Saskatoon, will reduce output capacity by about 43 per cent to 800,000 tonnes, from 1.4 million tonnes.

The changes will reduce the workforce at Cory by about 29 per cent to 350 positions, after 100 jobs and 40 temporary positions are cut.

Most of the positions will be cut in February, with the rest in the third quarter of 2017.

In addition, production will be temporarily reduced at two other locations southeast of Saskatoon. The company is looking for ways to reassign those employees and hasn’t determined how many temporary layoffs will occur.

The Lanigan facility will curtail production for six weeks beginning in January and the Allan facility will curtail production for 12 weeks, beginning in February.

Meanwhile, production is being ramped up at PotashCorp’s lower-cost Rocanville, Sask., operation near the Manitoba border.

PotashCorp (TSX:POT) says it’s looking for opportunities to reassign employees during the down time.

Filed under: Stock Market News

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