As Potash Corporation continues to deal with a weak commodity market  the company is cutting it's dividends by 34 percent.

Nine days after shuttering a New Brunswick mine and transferring their operations to a Saskatchewan facility to mining giant continues to show cautious optimism.

"Weaker fertilizer prices late in the year reduced our earnings for the quarter, giving rise to a more cautious outlook for all three nutrients (potash, nitrogen and phosphate) as we begin 2016," Chief Executive Officer Jochen Tilk said in a statement.

The quarterly dividend has been downgraded to 25 US cents per share, that's down from 38 cents/share.

Their fourth quarter earnings suffered going from $407 million or 49 cents per share down to $201 million, or 24 cents per share.

This is the first cut to the company's quarterly dividend since its initial public offering in 1989.

Despite the falling prices the demand still remains optimistic, the company expects 59 to 62 million tonnes of potash to be needed which is on par for 2015.