(Reuters) – Nutrien said on Tuesday it has reduced production at its Cory potash mine and expects profits to fall below the expected range due to offshore sales impacted by the Canpotex terminal.
A strike at the port of Vancouver has led to a loss of export capacity through Canpotex’s Neptune terminal, the world’s largest fertilizer producer said, adding that if it continues, output from Saskatchewan mines could also be touched.
Nutrien now expects its 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to be below the lower end of its projected range of $2.65 billion to $3.35 billion, due to the impact lower than expected global potash prices, due to the strike and breakdown of the Portland terminal.
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The company said it plans to provide updated guidance when it releases its second-quarter results, scheduled for August 2.
About 7,500 port workers went on strike July 1 for higher wages, disrupting operations at the ports of Vancouver and Prince Rupert, major gateways for the export of natural resources and raw materials from the Canada, as well as for the entry of raw materials.
(Reporting by Arshreet Singh)
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