Connect with us
[the_ad id="89560"]

Alberta

Nutrien to slightly delay potash production ramp-up as global sales slump

Published

3 minute read

CALGARY — Nutrien Ltd. will slightly delay the timing of its plan to ramp up potash production, due to slumping sales.

The Saskatoon-based company, which is the largest fertilizer producer in the world, announced disappointing fourth-quarter financial results Wednesday evening. 

Nutrien Ltd. came in below Wall Street estimates, earning $1.1 billion in the fourth quarter of 2022, down seven per cent from the same quarter a year earlier. 

On a conference call with analysts Thursday, CEO Ken Seitz said Nutrien will slightly delay its previously announced plan to increase its annual potash production capability to 18 million tonnes by 2025, and will instead reach that milestone by 2026 instead.

However, Seitz said long-term fundamentals for potash remain strong, and Nutrien simply wants to be flexible and adjust its plans to match the pace of demand recovery.

“The outlook for our business is strong as we expect global supply issues to persist and demand for crop inputs to increase in 2023,” Seitz said.

It has been a volatile period for Nutrien, which achieved record earnings in 2021 and then saw fertilizer prices spike in March of 2022 as the Russia-Ukraine war shook up global agricultural markets and reduced supplies of fertilizer from Eastern Europe.

To meet increased global demand, Nutrien announced its potash ramp-up plan, which represents an increase of more than five million tonnes, or 40 per cent, compared to 2020 production levels.

The company has said it will achieve this by investing in expansions at its existing Saskatchewan mines, including the hiring of approximately 350 more people.

However, in the second half of 2022, the company suffered what it calls a “historic” decline in the pace of its potash shipments. In North America and Brazil in particular, farmers appeared to be postponing fertilizer purchases in the face of high prices. Last year’s cool wet spring in North America also compressed the planting season and led to less fertilizer going into the ground.

Seitz said the company has seen improved potash demand so far in 2023, but added Nutrien’s estimate for global potash shipments this year is 63 to 67 million tonnes, which is still constrained compared to the historical trend demand of around 70 million tonnes.

In spite of the dramatic decline in potash demands in the second half of 2022, the first six months of the year were so strong that Nutrien’s earnings for the full financial year were $7.7 billion, 142 per cent higher than in 2021.

This report by The Canadian Press was first published Feb. 16, 2023.

Companies in this story: (TSX:TKTK)

Amanda Stephenson, The Canadian Press

Before Post

Storytelling is in our DNA. We provide credible, compelling multimedia storytelling and services in English and French to help captivate your digital, broadcast and print audiences. As Canada’s national news agency for 100 years, we give Canadians an unbiased news source, driven by truth, accuracy and timeliness.

Follow Author

Alberta

Alberta’s embrace of activity-based funding is great news for patients

Published on

From the Montreal Economic Institute

Alberta’s move to fund acute care services through activity-based funding follows best practices internationally, points out an MEI researcher following an announcement made by Premier Danielle Smith earlier today.

“For too long, the way hospitals were funded in Alberta incentivized treating fewer patients, contributing to our long wait times,” explains Krystle Wittevrongel, director of research at the MEI. “International experience has shown that, with the proper funding models in place, health systems become more efficient to the benefit of patients.”

Currently, Alberta’s hospitals are financed under a system called “global budgeting.” This involves allocating a pre-set amount of funding to pay for a specific number of services based on previous years’ budgets.

Under the government’s newly proposed funding system, hospitals receive a fixed payment for each treatment delivered.

An Economic Note published by the MEI last year showed that Quebec’s gradual adoption of activity-based funding led to higher productivity and lower costs in the province’s health system.

Notably, the province observed that the per-procedure cost of MRIs fell by four per cent as the number of procedures performed increased by 22 per cent.

In the radiology and oncology sector, it observed productivity increases of 26 per cent while procedure costs decreased by seven per cent.

“Being able to perform more surgeries, at lower costs, and within shorter timelines is exactly what Alberta’s patients need, and Premier Smith understands that,” continued Mrs. Wittevrongel. “Today’s announcement is a good first step, and we look forward to seeing a successful roll-out once appropriate funding levels per procedure are set.”

The governments expects to roll-out this new funding model for select procedures starting in 2026.

* * *

The MEI is an independent public policy think tank with offices in Montreal, Ottawa, and Calgary. Through its publications, media appearances, and advisory services to policymakers, the MEI stimulates public policy debate and reforms based on sound economics and entrepreneurship.

Continue Reading

Alberta

Medical regulator stops short of revoking license of Alberta doctor skeptic of COVID vaccine

Published on

From LifeSiteNews

By Anthony Murdoch

The Democracy Fund has announced that COVID-skeptic Dr. Roger Hodkinson will retain his medical license after a successful appeal against allegations of ‘unprofessional conduct’ by the College of Physicians and Surgeons of Alberta.

A doctor who called for officials to be jailed for being complicit in the “big kill” caused by COVID measures will get to keep his medical license thanks to a ruling by a Canadian medical regulator.

The Democracy Fund (TDF) announced in an April 4 press release that one of its clients, Dr. Roger Hodkinson, will retain his medical license after filing an appeal with the College of Physicians and Surgeons of Alberta (CPSA) over allegations of “unprofessional conduct regarding 17 public statements made in November 2020 and April 2021.”

Hodkinson had routinely argued against the dictates of public health and elected officials and “presented an alternative perspective on COVID-19, including the efficacy of masking and vaccines,” TDF noted.

In 2021, Hodkinson and Dr. Dennis Modry publicly blasted the then-provincial government of Alberta under Premier Jason Kenney for “intimidating” people “into compliance” with COVID-19 lockdowns.

In 2022, Hodkinson said that leaders in Canada and throughout the world have perpetrated the “biggest kill ever in medicine’s history” by coercing people into taking the experimental COVID injections and subjecting them to lengthy lockdowns.

These statements, among others, led the CPSA to claim that Hodkinson had promoted inaccurate or misleading information. “However, following negotiations with lawyers for The Democracy Fund, the CPSA limited its claims to arguing that Dr. Hodkinson’s comments violated the ethical code and extended beyond the scope of a general pathologist.”

Thus, Hodkinson did not “concede that any of his statements were false,” but “acknowledged that his criticisms of other physicians technically breached the Code of Ethics and Professionalism,” the group explained. “He also admitted that he should have clarified that his views were outside the scope of a general pathologist.”

Instead of having his license revoked, TDF stated that Dr. Hodkinson received a “caution” and will have to “complete an online course on influence and advocacy.”

“However, he did not concede that any of his statements were misinformation, nor did the tribunal make such a determination,” noted lawyer Alan Honner.

Some of Hodkinson’s warnings seem to have been vindicated by the current Alberta government under Premier Danielle Smith, who commissioned Dr. Gary Davidson to investigate the previous administration’s handling of COVID-19.

Davidson’s report, which was made public earlier this year, recommended the immediately halt of the experimental jabs for healthy children and teenagers, citing the risks the shots pose.

Continue Reading

Trending

X