Brazil’s Vale postpones $3bn Canada potash project – reports

17 August 2012 17:17  [Source: ICIS news]

TORONTO (ICIS)--Vale is postponing a Canadian dollar (C$) $3bn ($3bn, €2.4bn) potash mine project in Canada’s Saskatchewan province, the country's media reported on Friday.

The Brazil-based mining major had been expected to make a decision on the 2.9m tonne/year potash project this year.

A spokesperson for Vale’s regional head office in Toronto did not immediately return a call requesting additional comment.

The reports cited Toronto-based Vale vice president Cory McPhee as saying that the project was being postponed because of more challenging economic times. However, Vale had not cancelled the project, McPhee said.

In related news, Canada’s PotashCorp said this week it will bring down its Lanigan potash mine in Saskatchewan for four weeks, starting next month, for an inventory-related shutdown.

Additional reporting by Brian Ford

($1 = C$0.99)
($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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