NYSE, TSX: NTR
SASKATOON, Nov. 5, 2018 /PRNewswire/ - 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.
The 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.
The 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.
About Nutrien
Nutrien 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.
Forward-Looking Statements
Certain statements and other information included in this press
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws (such statements are
usually accompanied by words such as "anticipate", "expect",
"believe", "may", "will", "should", "estimate", "intend" or other
similar words). All statements in this press release, other than
those relating to historical information or current conditions, are
forward looking statements, including, but not limited to
anticipated production from our Saskatchewan mines. Forward looking statements
in this press release are based on certain key expectations and
assumptions made by Nutrien, some of which are outside of Nutrien's
control. Although Nutrien believes that the expectations and
assumptions on which such forward looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because Nutrien can give no assurance
that they will prove to be correct. Forward looking statements are
subject to various risks and uncertainties which could cause actual
results and experience to differ materially from the anticipated
results or expectations expressed in this press release. Nutrien
disclaims any intention or obligation to update or revise any
forward-looking statements in this press release as a result of new
information or future events, except as may be required under
applicable U.S. federal securities laws or applicable Canadian
securities legislation.
FOR FURTHER INFORMATION:
Investor Relations:
Richard
Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
Media Relations:
Will
Tigley
Manager, Media & Digital Communications
(403) 225-7310
Contact us at: www.nutrien.com
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SOURCE Nutrien Ltd.