Mosaic to Lay Off 1,000 People in Saskatchewan

Mosaic Co. (NYSE:MOS), confirmed yesterday it will lay off more than 1,000 workers at its potash mines in Saskatchewan[, Canada] due to slow fertilizer demand, the global credit crisis and growing potash inventories.

The layoffs, which affect about 80% of the total workforce at the two mines, will take effect March 8 at Colonsay and Feb. 15 at Esterhazy. Mosaic employs about 1,500 people in Saskatchewan, including about 250 at its potash mine at Belle Plaine, west of Regina.

Source: National Post