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 buyers looking for potash and uranium, said Canada’s Natural Resources Minister Jonathan Wilkinson. Canada is one of the world’s main sources for potash and uranium and buyers are looking to secure supplies after Russia’s invasion of Ukraine has 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 Joly of Global affairs” by partners seeking potash, Wilkinson said in a press conference last week. “Countries approached me about uranium.”