Canada-based Potash Corporation of Saskatchewan (PotashCorp) may increase production at its Canadian mines from around 9.2 million tonnes (Mt) this year to 11Mt of potash a year by 2015.
Speaking at the Credit Suisse investor conference in New York, PotashCorp CEO Wayne Brownlee said: “There’s probably a little bit of growth room in the offshore market in 2015.
“Given some of the supply constraints we’ve seen in some of our competitors, there may be room for us to have increased volume.”
The move by the company came after Russia’s OAO Uralkali cancelled its sales deal with a Belarusian competitor in July 2013, which led to fall in prices of the mineral.
Following the price decline, the company cut down production capacity and reduced its workforce by 18%, including around 570 workers at potash mines in December last year.
However, in June the company announced plans to rescind around 50 layoff notices at the New Brunswick potash mine and to recall 47 workers at a Saskatchewan mine due to tight supplies of granular potash, reported Reuters.
PotashCorp is once again in the process of recalling some of its redundant workers at its Canadian potash mines to meet with its plans of expanding production capacity.
Brownlee said: “What we’re looking at for 2015 is making sure we have enough to respond to better demand than we thought.
“It’s a low-cost option and so we’re in the process of bringing some additional people back at some of our mines and make sure we’ve got the capability.”