Nutrien reiterates potential for raising potash production in supply crunch

May 12, 2022 6:36 PM ETNutrien Ltd. (NTR), NTR:CABy: Carl Surran, SA News Editor7 Comments

fertilizer piles

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Nutrien (NYSE:NTR) is weighing the possibility of increasing its potash production in the coming years to address the global shortfall, Bloomberg reported Thursday.

The world's largest fertilizer company already is raising production by 1M tons this year to a total of 15M tons, and Chief Strategy Officer Mark Thompson told a virtual industry conference that Nutrien (NTR) could make 18M tons of potash if it boosted capacity in increments over a period of 1-3 years.

"We're looking and assessing right now about what a ramp up would look like in the next couple of years to begin to bring more production in the market," Thompson said, according to Bloomberg.

Fertilizer prices have soared to all-time highs since Russia's invasion of Ukraine, and Thompson said Russian production may drop by more than half in 2022, and that the longer the war continues the more likely the world will need additional volumes of potash.

Thompson's comments echo recent remarks that reportedly were made by CEO Ken Seitz.

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