The Mosaic Company announced in August it was temporarily closing its Colonsay potash mine, and is now saying it intends to keep it idled for the foreseeable future.
A news release from Mosaic says the mine will be placed in care and maintenance mode with minimal staff, but it also allows for the resumption of operations when customer demands rise.
President and CEO Joc O’Rourke says the ramping up of Mosaic’s Esterhazy K3 production and continued weak demand in North America has left the company’s potash business with too much inventory and production capacity.
Last August the potash and phosphates company said more than 300 workers were being laid off at the mine, which is about 55 kilometres southeast of Saskatoon.