UPDATE 1-Fertilizer producer Mosaic says stockpiles too high to restart Canadian mine

(Adds CEO's comments)

By Rod Nickel

WINNIPEG, Manitoba, Jan 25 (Reuters) - Fertilizerproducer Mosaic Co does not currently see the rightmarket conditions to restart its idled Canadian potash mine,with high inventories in the key markets of the United Statesand Brazil and cold weather slowing train movement of the cropnutrient from Canada, Chief Executive Joc O'Rourke said onWednesday.

Mosaic Co curtailed potash production in December atits Colonsay, Saskatchewan, mine, but said then that it expectedto restart in early 2023.

"It's just a matter of starting to see the inventoriescoming down," O'Rourke said in a Reuters interview. "The lastthing we want to do is start it up, run it for a month and ahalf and have to shut it down again."

O'Rourke declined to be more specific on timing forrestarting the mine, which was producing at an annual rate of1.3 million tonnes when it shut down.

"I think once we get through the first quarter, we cancertainly be moving a lot more product," he said. "But I'm beingcautious about what to say until we see that movement."

Spring is the busiest time of year in North America forpotash applications, ahead of planting.

Producers of potash fertilizer are banking on a return tostable prices in 2023 after disappointing demand late last yearin the United States and Brazil forced some like Mosaic to slowoutput.

Potash prices had initially spiked last year, contributingto food inflation, after Russia invaded Ukraine, promptingWestern countries to issue sanctions on Russia's banking systemthat have slowed its potash exports.(Reporting by Rod Nickel in WinnipegEditing by Chris Reese and Aurora Ellis)

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