PotashCorp mothballs Picadilly mine, leaves more than 420 jobless – Mining.com

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PotashCorp mothballs Picadilly mine, leaves more than 420 jobless – Mining.com

by ahnationtalk on January 19, 2016217 Views

January 19, 2016

Potash Corp of Saskatchewan (TSX, NYSE:POT), the world’s largest crop nutrient company by capacity, is “indefinitely” halting operations at its relatively new Picadilly mine, in Canada’s New Brunswick, in response to falling potash demand and weakening prices.

The company, which had more than 5,000 employees worldwide at the end of 2014, said the suspension, effective immediately, would lead to 420-430 job cuts.

However, a crew of roughly 35 employees will remain at Picadilly to keep the operation in “care-and-maintenance mode”.

In addition, up to 100 workers will remain in place through a transition period of roughly four months, and the company will set up a $5 million fund to assist other employees with finding new jobs.

Read More: http://www.mining.com/potashcorp-mothballs-picadilly-mine-leaves-more-than-420-jobless/

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