06 August 2013 15:08 [Source: ICIS news]
LONDON (ICIS)--Germany-based fertilizer producer K+S will continue to develop its potash project in Canada’s Saskatchewan province, despite market uncertainty created by Russian firm Uralkali’s decision to withdraw from its joint venture with Belaruskali, K+S said on Tuesday.
K+S said that Uralkali’s decision to leave the sales organisation – and instead to expand its own potash production, while accepting price reductions – created considerable uncertainty about future volume and price trends on the market for potash fertilizers.
However, K+S aims to commission the Saskatchewan project in the summer of 2016, and expects to have production capacity of 2m tonnes/year available by 2017.
“Our legacy project [in Canada] is on course,” K+S CEO Norbert Steiner said. “We will not call into question this important undertaking in response to mere speculation.”
As a result of Uralkali's decision, K+S will no longer maintain its 2013 outlook of a slight year-on-year increase in operating earnings, it said.
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