August 16, 2012 / 9:12 PM / 6 years ago

Potash Corp to close Lanigan mine for nearly 1 month

* Reducing supply to match demand

* North American stocks 30 pct over average

Aug 16 (Reuters) - Potash Corporation of Saskatchewan , the biggest global producer of its namesake crop nutrient, said on Th ursday it will shut down its Lanigan, Saskatchewan mine for nearly a month, as the fertilizer industry grapples with large supplies.

Potash Corp said in a statement on its website that it will shut down the mine between Sept. 15 and Oct. 13, consistent with its practice of matching supply with market demand.

North American potash inventories were 30 percent above the five-year average in July, although they were lower month over month, according to industry data released earlier this week by Potash Corp.

Potash Corp, Mosaic Co and Agrium Inc sell potash offshore through the marketing agency Canpotex, and the producers are awaiting new supply contracts with key buyers in China and India.

Lanigan is Potash Corp’s biggest mine, with operational capacity of 3.3 million tonnes per year.

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