PotashCorp to close N.B. mine indefinitely, cut 420-430 jobs

SASKATOON - The Picadilly potash operation in New Brunswick is suspending production indefinitely, resulting in the lay off of more than 400 people.

See Full Article

The mine owner -- Saskatoon-based Potash Corporation of Saskatchewan, or PotashCorp -- says a crew of 35 employees will remain to take care of Picadilly while it's idle and the rest of the workforce will be cut by 420 to 430 people.

PotashCorp says New Brunswick employees will be eligible for 100 positions available in Saskatchewan and it will establish a $5-million community investment fund.

The Saskatoon-based company says it's aiming to increase its competitiveness and reduce both operating and capital costs.

It estimates PotashCorp will reduce its cost of goods sold -- an operating item -- by $40 million to $50 million in 2016.

It also estimates that Picadilly's closure will cut capital costs by $50 million in 2016 and $135 million over the next two years.



Advertisements

Latest Economic News

  • Aurora formally launches hostile takeover bid for CanniMed Therapeutics

    Economic CTV News
    TORONTO -- Aurora Cannabis Inc. formally launched its all-stock hostile takeover bid for CanniMed Therapeutics Friday, on the condition that the medical marijuana producer cancel its own planned acquisition of Newstrike Resources Ltd. The Vancouver-headquartered licensed marijuana company says in a statement it placed a newspaper ad for its offer to acquire all issued and outstanding shares for up to $24, and a takeover bid circular will be mailed to CanniMed's shareholders. Source
  • CEO Suzanne West vows to pursue greener path after oil firm splits with backers

    Economic CTV News
    CALGARY - One of the few female CEOs in the Canadian oilpatch says she has parted ways with her American financial backers and her Calgary company's oil and gas assets have been taken over by a newly-created entity. Source
  • Ontario gaming agency will expand online and mobile betting

    Economic CTV News
    TORONTO -- Think you know when U.S. President Donald Trump will be impeached? How about who the next James Bond will be? Or perhaps you have an inside track on the name of the next royal baby? Source
  • Aurora Cannabis launches hostile takeover bid for CanniMed Therapeutics

    Economic CBC News
    Aurora Cannabis Inc. formally launched its all-stock hostile takeover bid for CanniMed Therapeutics Friday, on the condition that the medical marijuana producer cancel its own planned acquisition of Newstrike Resources Ltd. The Vancouver-headquartered licensed marijuana company says in a statement it placed a newspaper ad for its offer, valued at $24 per share, and a takeover bid circular will be mailed to CanniMed's shareholders. Source
  • Amazon workers in Germany, Italy stage Black Friday strike

    Economic CTV News
    BERLIN -- Workers at a half dozen Amazon distribution centres in Germany and one in Italy walked off the job Friday, in a protest timed to coincide with "Black Friday" to demand better wages from the American online giant. Source
  • Sobeys to cut 800 office jobs as part of reorganization

    Economic CTV News
    STELLARTON, N.S. -- The Sobeys grocery business will be cutting about 800 office jobs across Canada. Its chief executive, Michael Medline, says the job cuts are part of efforts to create one national organization out of five regional businesses. Source
  • Online sales surge in U.S. on eve of Black Friday

    Economic CBC News
    U.S. shoppers had splurged more than $1.52 billion US online by Thanksgiving evening, and more bargain hunters turned up at stores this year after two weak holiday seasons as retailers opened their doors early on the eve of Black Friday. Source
  • Black Friday begins as consumers flock to stores and online

    Economic CBC News
    U.S. shoppers had splurged more than $1.52 billion US online by Thanksgiving evening, and more bargain hunters turned up at stores this year after two weak holiday seasons as retailers opened their doors early on the eve of Black Friday. Source
  • Black Friday lures consumers to stores and online after weeks of deals

    Economic CBC News
    U.S. shoppers had splurged more than $1.52 billion US online by Thanksgiving evening, and more bargain hunters turned up at stores this year after two weak holiday seasons as retailers opened their doors early on the eve of Black Friday. Source
  • Looking for bargains online? Who you are can affect what you pay

    Economic CBC News
    Ever notice how after online shopping or browsing, the advertisements you see on every website seem to have been personalized to include whatever you were looking for? A Marketplace investigation reveals it's not just ads that your browsing history can affect — it's also the price you're charged. Source