Business
Nutrien Announces Permanent Closure and Impairment of New Brunswick Potash Facility
Nutrien Announces Permanent Closure and Impairment of New Brunswick Potash Facility ...
About this update from Nutrien Ltd.
[{"type":"text","content":"\n\n\n\nNutrien Announces Permanent Closure and Impairment of New Brunswick Potash Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, Nov. 5, 2018\n\n\n\nNYSE, TSX: NTR\n SASKATOON, Nov. 5, 2018 /CNW/ - Nutrien Ltd. (\"Nutrien\") announced today that following a strategic review of the company's potash portfolio, it has decided to permanently close its New Brunswick potash facility and will record a US$1.8 billion non-cash impairment in the third-quarter of 2018. The facility was placed in care and maintenance in early 2016 and has not produced potash since that time. \nThe decision to close the New Brunswick potash facility reflects Nutrien's ability to increase potash production in Saskatchewan at a significantly lower operating and capital cost than resuming production in New Brunswick.\nThe impairment is non-cash and has no impact on Nutrien's previously announced financial guidance or future global potash sales. Nutrien remains positive on the long-term fundamentals for potash and the opportunity to ramp up production from its low-cost Saskatchewan mines to meet growth in global demand. \nAbout Nutrien\nNutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner.  We produce and distribute over 26 million tons of potash, nitrogen and phosphate products world-wide.  With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers.  We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities.  The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.  \nForward-Looking Statements\nCertain statements and other information included in this press release constitute \"forward-looking information\" or \"forward-looking statements\" (collectively, \"forward-look...