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Potash (POT) says it will close two of its Canadian potash mines for eight weeks each to help...
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Wednesday, November 14, 2012, 5:03 PM ETPotash (POT) says it will close two of its Canadian potash mines for eight weeks each to help control rising inventories. North American potash supplies have built up as China and India, the top two consuming nations of the crop nutrient, have stopped purchases during most of H2.
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Why spend $7.73 billion in shareholder funds (2011 Annual Report, page 47) for the bragging rights to having the biggest potash capacity in the world, when some of it is sitting idle because now you had to shutter four of your six mines during the year. Surely 10 or 12 million tons in annual capacity would have sufficed, not 17.1 million tons, when you are selling barely 8 million?
Any PotashCorp mine/mill employees out there - nice to get the part of the winter off, but do you get paid to be sent home for two months?