Citing lower than expected product demands, Mosaic announced that it is temporarily halting production at its Colonsay potash facility.

"Our decision to temporarily curtail Colonsay reflects near-term dynamics and not long-term agricultural market fundamentals. Crop prices remain strong and continue to support healthy grower economics," said President and CEO Joc O'Rourke. "After a year of reduced applications, we believe farmers are incentivized to maximize yields, which should drive significant recovery in fertilizer demand in 2023."

In its release, the company explained that Colonsay had been operating at an annual run rate of 1.3 million tonnes with plans to expand annual output to 1.8-2.0 million tonnes by late 2023 following the restart of mine's second mill. It notes that inventory will meet near term demand, but that underground expansion will continue, and both mills are expected to be back online in early 2023.