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It could be a record-breaking year for Saskatoon-based Nutrien.
The fertilizer producer says it is expecting to set a new record this year when it comes to potash sales.
Earlier this month, Nutrien announced it would increase potash production by 500,000 tonnes to meet growing demand.
The demand has been so great that the company is now doubling that number and will be producing 1,000,000 tonnes for market.
“Our world-class, low-cost, integrated network of six mines gives us flexibility and agility to respond to changing conditions which helps service our customers while doing so when potash prices are at the strongest levels we’ve seen in nearly a decade,” Ken Seitz, executive vice president and CEO, potash, said in a release.
“As the world’s largest soft rock miner and potash producer, we have the people, the experience and an extensive transportation and logistics system extensive supply chain to safely produce and supply the potash the world needs.”
Nutrien says there continues to be strength in global demand, supported by strong crop prices in North America. The big difference is on the supply side, as other North American potash producers deal with production challenges and the shifting potash landscape in Europe that could lead to altering trade flows and further tightening of the global market.
This has also resulted in stronger-than-expected earnings for the potash giant in the first half of this year.
Nutrien says for the first six months of 2021, net earnings are estimated at $2.30 to $2.50 per share, up 30 cents per share from a previous estimate.
The updated guidance for potash sales volumes for this year is 13.3 million to 13.8 million tonnes, which would exceed the previous record of 13 million tonnes set in 2018.