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PotashCorp. to deal with soft market by becoming more efficient, no job cuts
SASKATOON – The CEO of the Potash Corporation of Saskatchewan Inc., says the company will deal with struggling world markets by becoming more efficient, but that won’t include job cuts.
Jochen Tilk told the Saskatoon Chamber of Commerce that crop prices have experienced double-digit percentage declines over the past year.
He also notes that exchange rates to major potash markets such as Brazil and Indonesia have also dropped.
Tilk says to stay competitive PotashCorp. (TSX:POT) will reduce costs and increase production.
In its last budget the Saskatchewan government began a review of the royalties it charges companies to mine potash.
Tilk says PotashCorp. can live with potential changes to the royalty regime as long as they are fair and ensure companies can stay competitive. (CJWW)
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