Buyers scrambling for supplies of potash and uranium are looking to Canada to fill gaps caused by the war in Ukraine.
The northern nation has been approached by those seeking potash and uranium, said Canada’s Natural Resources Minister Jonathan Wilkinson. The country is one of the world’s main sources of the two commodities and buyers are anxious to secure supplies after Russia’s invasion of Ukraine disrupted trade flows.
Potash, a commonly used fertilizer, and uranium have been swept up in the global commodities rally after Russia’s invasion of Ukraine. Russia is a major source of uranium and a low-cost high-volume global producer for all major fertilizers. Disruptions in the potash trade will mean higher costs for farmers across the globe and in turn, more food inflation.
“We have been approached, as has Minister (Melanie) Joly of Global affairs” by partners seeking potash, Wilkinson said Thursday in a press conference. “Countries approached me about uranium.”
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