(Saskatoon) Nutrien on Thursday announced an acceleration in the increase of its annual potash production capacity, due to uncertainty surrounding supply from Eastern Europe.
Posted at 12:03 p.m.
The Saskatoon company said it intends to increase its annual potash production capacity to 18 million tonnes by 2025.
This decision, she said, represents an increase of more than five million tonnes of annual production, or 40%, compared to the production of 2020.
Nutrien says it plans to hire and train about 350 people, and invest in underground mining equipment, mine development, storage and loading capacity.
In addition, the company says it is evaluating additional expansion opportunities beyond 18 million tonnes of production at its Saskatchewan mines.
Nutrien also intends to repurchase an additional 2 billion shares, bringing the value of its share buybacks to 4 billion this year.
Company in this story: (TSX: NTR)