POTASH: PotashCorp announces layoffs

SASKATOON – Potash Corporation of Saskatchewan has taken the "difficult but necessary step" to reduce its North American workforce by 18%. The changes are meant to optimize the company's lowest cost operations. The nitrogen, phosphate and potash operating segments are all affected.

PotashCorp has announced reductions of 440 people in Saskatchewan, 130 people in New Brunswick; 350 people in Florida; 85 people in North Carolina; and 40 people in other US locations and Trinidad.

Approximately 570 jobs are being cut from the potash workforce. Hardest hit will be the Lanigan and Cory mines in Saskatchewan and the Penobsquis mine in New Brunswick. The Allan and Rocanville mines in Saskatchewan are not expected to lose any workers, but numbers at the head office in Saskatoon will be reduced.

The following operating changes were announced as part of PotashCorp's plan to remain cost competitive: Suspend production at one of the two Lanigan mills by year end; reduce production at Cory; shut the Penobsquis mine in Q1 2014 and accelerate development at the Picadilly mine. Expansion at Rocanville, the company's lowest cost mine, will continue as previously announced.

Potash output for 2014 is anticipated to be at least 10 million tonnes.

Please visit PotashCorp.com.