The Mosaic Company has announced it will invest an additional $1.7 billion CAD into further developing its K3 potash mine project at Esterhazy, SK. A recently approved change in the scope of the project includes plans to accelerate the production ramp-up of the mine, a decision which will see additional spending and investment in Saskatchewan over the next eight years. During this time, an average of more than 300 skilled contract trades people will be employed at the site, with as many as 600 workers on site during peak construction.
“Mosaic is committed to the growth, efficiency and sustainability of our potash operations here in Saskatchewan,” said Walt Precourt, Mosaic’s Senior Vice-President of Potash. “This is our home and we continue to invest both in our communities and our business.”
The first stage of the K3 Project was approved in 2009, at an investment of $1.5 billion CAD, as part of Mosaic’s long-term strategy to expand its potash business.
“This is a great announcement and further evidence that Saskatchewan’s diversified economy remains strong,” Premier Brad Wall said. “Despite the downturn in oil prices, other sectors continue to show strong growth. This is strong demonstration of their confidence in Saskatchewan’s future.”
The K3 site is expected to begin mining potash ore by late 2017. It will serve as a satellite mine for the milling and storage facilities upgraded during the Esterhazy Stage 1 expansion efforts.
About The Mosaic Company
The Mosaic Company is one of the world’s leading producers and marketers of concentrated potash and phosphate crop nutrients. Mosaic is a single source provider of potash and phosphate fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
