Thursday, December 31, 2009

Canpotex Decision delayed

The much anticipated decision of Canpotex regarding its plans for the placement of a shipment terminal, will have to remain as a much anticipated result for the foreseeable future.
The Northern View and CFTK TV 7 (with the Daily News providing some background from a conversation yesterday)are reporting that the Saskatchewan based company is going to leave the north coast up in the air for a little bit longer, with no definitive date planned for any decision.
Canpotex was to decide by the end of 2009 as whether to build a new facility on Ridley Island or consolidate with further expansion at its North Vancouver location, the company recently added capacity to that North Vancouver terminal earlier this fall.

As we have outlined on this blog in the past, the potash market has been hit hard by the global recession, with the company finding that its financial picture had been rocked a fair bit in the last quarter with a significant loss reported and with that Canpotex recently laid off a number of employees throughout its system to address those financial concerns.

All no doubt contributing to the statement of today announcing that they have no decision to provide as of yet.

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