Académique Documents
Professionnel Documents
Culture Documents
2018
www.nutrien.com
INSIDE FRONT COVER
TABLE OF CONTENTS
POINT LISAS
TRINIDAD AND TOBAGO
OFFICES
PHOSPHATE GRANULATION
NITROGEN RETAIL
POTASH
POINT LISAS
INVESTMENTS AND JV’S
TRINIDAD AND TOBAGO
ESN® EUROPE DISTRIBUTION
N
CAN Europe and North Africa
SK, CAN
N
North America
Wholesale Fertilizer
7 potash primary production facilities,
14 nitrogen, 8 phosphate production Central America
facilities and an extensive storage and
distribution network. Wholesale Fertilizer
1 nitrogen production facility
located in Point Lisas, Trinidad
Retail
and Tobago.
Over 1,200 Retail locations under the name
Crop Production Services (CPS)
and Crop Production Services Canada.
South America
Wholesale Fertilizer
Profertil S.A. is 50 percent owned by
Nutrien Ltd. while YPF S.A., a state-
controlled oil and gas company in
Argentina, owns the other half.
Retail
69 Retail locations in South America.
Farm Centers in Argentina and Uruguay
operate under our Agroservicios
Pampeanos (ASP) name. Farm Centers
in Chile operate under our Crop Production
Services (CPS) name. Our Utilfertil Blending
Facility is located in Brazil.
Seed
n
Rapidly growing seed and private label
Dyna-Gro and Proven Seed businesses.
Merchandise,
Services and Other
n
Merchandise includes fencing, feed
supplements and animal health products;
n
Services include product application,
soil and leaf testing and crop scouting
through a proprietary service known
as Echelontm, a precision agriculture
technology platform currently provided
to over 70,000 grower customers on
over 36 million acres in the U.S. alone.
Farm Centers: 594 Farm Centers 206 Farm Centers: 55 Owned: 167
Satellites: 321 Satellites 61 Satellites: 4 Franchise: 24
Terminals: 69 Terminals 5 Plants: 2
Distribution Centers: 12 Distribution Centers: 5 Warehouses: 7 Total: 191
Plants: 4 Blending Facility: 1
HAWAII
RETAIL
OFFICES
MELBOURNE, AUSTRALIA
See page 34 for a detailed list of all Nutrien Retail assets found worldwide.
Years in % Crop %
Headquarters # States # Retail % % Custom
Rank Company CropLife Protection Fertilizer
Location Served Outlets Seed Sales App.
100 Sales Sales
Inver Grove
5 CHS 16 450 31 26% 49% 19% 6%
Heights, MN
Pinnacle Agricultural
6 Loveland, CO 27 168 5 46% 30% 19% 5%
Holdings
Tennessee Farmers
9 LaVergne, TN 8 160 26 25% 55% 20% –
Cooperative
Aurora Cooperative
10 Aurora, NE 7 73 26 46% 39% 8% 7%
Elevator
Southern States
11 Richmond, VA 7 222 28 21% 57% 15% 7%
Cooperative
South Dakota
12 Aberdeen, SD 2 41 27 27% 40% 24% 9%
Wheat Growers
Central Valley Ag
13 O'Neil, NE 3 63 14 29% 51% 13% 7%
Cooperative
(1) 850 as per Crop Life; Nutrien has a total of 1000 US retail outlets (594 farm centres, 12 distribution centres, 321 satellites, 69 terminals, and 4 plants).
Source: CropLife Magazine, CropLife 100 Report, December 2017.
Potash 22,624
Potash 63%
Phosphate 25%
Potash 23%
Ammonia (gross) 3%
Phosphate 4%
35 Phosphoric Acid
Ammonia
30
25
20
15
10
0
Nutrien Mosaic Uralkali Belaruskali OCP CF Industries Yara Ma’aden K+S Israel
Chemicals
Note:
• All capacities shown are nameplate capacities as of December 31, 2017.
• Nameplate capacities may exceed operational capacity.
• Includes proportional share of equity stakes where control or marketing rights exist.
• Phosphoric acid capacity is adjusted to a merchant grade acid (MGA) basis of 56% P2O5.
• Excluding Chinese companies/capacity.
Source: Company Reports, CRU
Nutrient Overview
Phosphate
Potash (KCI) Nitrogen (Urea)
(DAP/MAP/TSP)
Synthesized from
Mined from evaporated
How Produced hydrogen source, Mined from sea fossils
sea deposits
steam and air
Number of Major
15 ~65 ~40
Producing Countries
Nutrien Percent
22% 4% 4%
of World Capacity
Largest Importers Brazil, US, China, India US, India, Brazil India, Brazil
Time for Greenfield Minimum 7 years1 Minimum 3 years2 Minimum 3-4 years3
(including ramp-up)
Cost for Greenfield4 CND $5.1-$6.7 billion1 US $1.8-$2.0 billion2 US $5.1 billion3
(including infrastructure) 2 million tonnes KCI 1 million tonnes NH3 1 million tonnes P2O5
See Note pertaining to qualified peer review for NI 43-101 on page 18.
(1) Estimated time and cost for a conventional greenfield mine in Saskatchewan.
(2) Estimate for an ammonia/urea complex.
(3) Does not include time permitting, research and engineering. Includes phosphate rock mine.
and beneficiation, sulfuric acid and DAP/MAP granulation plants.
(4) Includes rail, utility systems, port facilities and, if applicable, cost of deposit.
Source: Fertecon, CRU, AMEC, Company Reports
Potassium chloride (KCl), commonly called potash, is mined from ore deposits located deep
underground or extracted from salt lakes or seas. Conventional underground mines account for
nearly 80 percent of global potassium chloride capacity, and underground solution mines for
about 6 percent. The remainder is obtained by harvesting natural brines from potassium-rich
water bodies, typically using solar evaporation.
Potash is sold into the agricultural market primarily as solid granular and standard products.
Granular product has a larger and more uniformly-shaped particle that can be easily blended with
solid nitrogen and phosphate fertilizers; it is typically used in more advanced agricultural markets
such as the US and Brazil. Standard product is more commonly used in major Asian markets.
POTASH
Synthesized from hydrogen sources (primarily natural gas or coal), steam and nitrogen
from the air, ammonia (NH3) is a concentrated source of nitrogen and the basic feedstock
for all upgraded nitrogen products. It is also used to make industrial products and as a direct-
application fertilizer.
The most commonly used nitrogen fertilizer is urea, which is also the feedstock for industrial
products such as plastics, resins, adhesives and increasingly for emissions control. Liquid
forms of urea and ammonium nitrate are combined into UAN solution, which is used in
agriculture. Ammonium nitrate is made by combining ammonia with nitric acid and has
both industrial and agricultural uses.
NITROGEN
Phosphate rock is mined from underground ore deposits and dissolved in a mixture of
phosphoric and sulfuric acids. This results in production of additional phosphoric acid,
which is the feedstock for most fertilizer, industrial and feed phosphate products.
This phosphoric acid can be combined with ammonia and granulated to produce the
solid fertilizers DAP and MAP, evaporated to produce merchant-grade phosphoric acid
(MGA), or further evaporated to produce superphosphoric acid (SPA), which is then
converted into liquid fertilizer.
PHOSPHATE
Production Capacity
(product tonnes per year)
See Note pertaining to qualified peer review for NI 43-101 on page 18.
(1) Represents annual superphosphoric acid capacity. A substantial portion is consumed internally in the production of downstream products.
The balance is exported to phosphate fertilizer producers and sold domestically to dealers who custom-mix fertilizer.
Trinidad
and Tobago Nutrien Point Lisas 2,200
Trinidad
and Tobago Nutrien Point Lisas 700
Note: The scientific and technical information (i) included in the “POTASH” section of this Fact Book and (ii) with respect to potash in
the “WHOLESALE” section of this Fact Book has been reviewed by Mark Fracchia, who is a qualified person within the meaning of
Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”).
The scientific and technical information (i) included in the “PHOSPHATE” section of this Fact Book and (ii) with respect to
phosphate in the “WHOLESALE” section of this Fact Book has been reviewed by Tyler Cvetan and Cameron Lynch, who are
qualified persons within the meaning of NI 43-101.
(1) Capacities figures are on a P2O5 basis. Capacities for Nutrien are based on internal calculation method.
(2) The sale of the Conda Phosphate Operations is expected to close in early 2018.
Source: IFA World Phosphate Capacities 2017, July 2017.
Source: IFA
Short-Term Prospects for World Agriculture and Fertilizer Demand 2016/17 - 2018/19
CRU Urea Fertilizer Market Outlook September 2017, CRU Potash Outlook August 2017, CRU Phosphate Fertilizer Market Outlook
October 2017. CANSIM, Table 001-0069
Source: IFA World Potash Capacities 2017, June 2016. IFA World Processed Phosphates Capacities 2017, July 2017.
IFA World Ammonia Capacities 2017, June 2017
Exporting
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Importing
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Exporting
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Importing
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Source: IFA Processed Phosphates Statistics 2017 Annual Detailed Report, CRU
Exporting
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Importing
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Exporting
Rank 2016 2015 2014 1st 2nd 3rd
Regions
Importing
Rank 2016 2015 2014 1st 2nd 3rd
Regions
2017/18(f) 2016/17 2015/16 2014/15 2013/14 2012/13 2011/12 2010/11 2009/10 2008/09
N 106,785 106,234 103,820 102,496 104,083 101,194 100,526 96,978 95,711 89,956
Growth 0.52% 2.33% 1.29% -1.52% 2.85% 0.66% 3.66% 1.32% 6.40% -5.12%
P 48,337 47,894 46,454 45,933 44,998 43,690 42,917 42,420 39,902 34,710
Growth 0.92% 3.10% 1.13% 2.08% 2.99% 1.80% 1.17% 6.31% 14.96% -11.95%
K 35,571 34,958 33,471 33,520 31,553 29,588 29,039 28,191 22,592 23,499
Growth 1.75% 4.44% -0.14% 6.23% 6.64% 1.89% 3.01% 24.78% -3.86% -16.42%
Total NPK 190,693 189,086 183,745 181,949 180,634 174,472 172,482 167,589 158,205 148,165
Total Growth 3.19% 9.87% 2.28% 6.79% 12.48% 4.35% 7.84% 32.41% 17.5% -33.49%
Source: IFA Medium-Term Outlook for World Agriculture and Fertilizer Demand 2016/17-2021/22, June 2017
120 2017/2018(f)
Millions of Metric Nutrient Tonnes
2012/2013
100
2007/2008
80
60
40
20
N P K
Nutrient Type
600
400
200
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
180 Phosphate
2,500
Grain Production (million tonnes)
160 Nitrogen
Grain Production
140
2,000
120
100 1,500
80
1,000
60
40
500
20
0 0
1965 1975 1985 1995 2005 2015
Source (1965-2015): IFADATA. (2014/2015-2016/2017): CRU Urea Fertilizer Market Outlook September 2017, CRU Potassium Chloride
Market Outlook August 2017, CRU Phosphate Fertilizer Market Outlook October 2017. (2015) CANSIM, Table 001-0069.
(2016-2017): CRU Urea Fertilizer Market Outlook June 2016, Fertecon Potash Outlook March 2017, CRU Phosphate Fertilizer
Market Outlook April 2016
(1) 2006/2007 to 2015/2016 data are derived from fertilizer shipments to Canadian agriculture markets reports. Data prior to
2007/2008 was collected by Canadian Fertilizer Institute. Different coverage and reporting methods of the data will affect
the comparability of the data.
Source: Statistics Canada CANSIM, Table 001-0069
20,000
tonnes)
20,000
nutrient
15,000
nutrient
15,000
metric
10,000
metric
10,000
('000
('000
5,000
5,000
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015(f)
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015(f)
Nitrogen Phosphate Potash
Nitrogen Phosphate Potash
(f) Forecast
Source: (1965-2014): IFADATA
(2015-2017): CRU Urea Fertilizer Market Outlook June 2016, Fertecon Potash Outlook March 2017, CRU Phosphate Fertilizer Market
Outlook April 2016
Fertilizer Consumption – Canada
tonnes)
4,000
tonnes)
4,000
3,500
3,500
nutrient
3,000
nutrient
3,000
2,500
2,500
metric
2,000
metric
2,000
1,500
1,500
('000
1,000
('000
1,000
500
500
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
(f) Forecast
(e) Estimate
Source: IFADATA (2005-2014)
(2015-2017): CRU Urea Fertilizer Market Outlook September 2017, CRU Potash Outlook August 2017,
CRU Phosphate Fertilizer Market Outlook October 2017
800
US$/metric tonne
600
400
200
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Note: F ertilizer prices are all spot averages before any discounts, year average refers to calendar year. ACB refers to the U.S. corn belt.
CFL refers to Central Florida. PNW refers to Pacific North West.
Source: Green Markets®
12
800
9.01
10
8.90
600
6.98 7.11
8
6.18
400 5.49 6
4.38
4.16 4.03 4.26
3.37 3.73 4
200
2.83 2.63 2.55 3.03
2
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Note: Fertilizer prices are all spot averages before any discounts, year average refers to calendar year. NOLA refers to a FOB price (loaded on barge)
at the U.S. Gulf port, New Orleans, Louisiana. ACB refers to the U.S. corn belt. Gas prices are Henry Hub Gulf Coast Natural Gas Spot Prices.
Source: US Energy Information Administration. Green Markets®
n
One bushel of corn yields approximately 2.8 gallons of ethanol;
n
The key variables2017/2018
in determining ethanol plant profitability include ethanol and dried distillers
grains and soluble (DDGS) prices for revenue, corn and natural gas prices for costs;
(1) Includes U.S. total domestic corn use plus U.S. Exports.
Source: USDA, EIA, Nutrien
* Satellite
** Terminal
DC Distribution Center
Saskatchewan
(124 locations)
Aberdeen Kindersley Raymore
Albertville Kipling* Redvers
Arborfield* Landis Regina
Assiniboia Langham Reginadc
Assiniboia* Lemberg Regina*
Avonlea Liberty* Regina**
Balcarres Lintlaw* Rockhaven
Biggar Lucky Lake Rosetown
Birch Hills* Lumsden Rosthern
Blaine Lake Luseland Saskatoon(x2)
Buchanan* Macklin Saskatoondc
Canora Maidstone Shaunavon
Carnduff Major Shellbrook
Central Butte Mankota Southey
Choiceland Marsden* Spiritwood
Colonsay Maymont St. Brieux
Craik Meadow Lake* Stoughton
Cut Knife Melfort Strongfield*
Delisle Melville Sturgis
Delmas Middle Lake* Swift Current
Dinsmore Montmartre Theodore
Domremy Moose Jaw Tisdale
Eatonia Moose Jaw*(x2) Torquay
Edam Moosomin Valparaiso*
Elrose Morse Viscount
Elstow** Neilburg Wadena
Eston North Battleford Wakaw
Ethelton North Battleford* Waldheim
Fillmore Ogema Waldron
Foam Lake Osler Watrous
Gerald Outlook Watson
Gravelbourg Oxbow* Weyburn
Grenfell Paradise Hill Whitewood*
Gull Lake Peesane Wilkie
Hagen Pelly Wolseley*
Hoey Perdue Woodrow*
Hudson Bay* Ponteix Yorkton
Humboldt Porcupine Plain Yorkton*
Indian Head Prairie River
Ituna Prince Albert
Kelvington Radisson
Kerrobert Radville*
* Satellite
** Terminal
DC Distribution Center
* Satellite
** Terminal
DC Distribution Center
P Plant
* Satellite
** Terminal
DC Distribution Center
P Plant
* Satellite
** Terminal
DC Distribution Center
P Plant
* Satellite
** Terminal
DC Distribution Center
P Plant
Texas Washington
(con't) (25 locations)
Tynan* Connell*
Wharton Coulee City
Winnie* Davenport
Harrington*
Utah Mansfield*
(1 location) Moses Lake
Tremonton* Moses Lake*
Okanogan
Vermont Othello*
(1 location) Pasco(x2)
Addison Pasco*(x3)
Plymouth
Virginia Plymouth*(x2)
(16 locations) Pomeroy
Belle Haven* Prescott*
Chesapeake** Quincy*
Cloverdale Reardan*
Colonial Heights Rosalia
Colonial Heights* Toppenish
Crystal Hill* Walla Walla
Haynesville Waterville*
Ivor
King George Wisconsin
Melfa (11 locations)
Milford* DeForest
Mt. Holly* DeForest*
Prince George** Galesville
South Hill Janesville*
St Stephens Chruch Plainfield
Winchester Plainfield*(x3)
Shullsburg
Wisconsin Rapids*
Wisconsin Rapids**
* Satellite
** Terminal
DC Distribution Center
P Plant
Note: F arm Centers in Argentina and Uruguay operate under our Agroservicios Pampeanos (ASP) brand. Farm Centers in Chile operate under our
Crop Production Services (CPS) brand.
* Satellite
W Warehouse
P Plant
B Blending Facility
Potassium Fertilizer
Brine added
Underground Sources
Underground Scrubbing
Crushing Flotation
Mining and De-sliming n
Usually deep deposits. First step is to mine
Screening De-brining the ore and get it to the surface
for Size and Drying
n
Manufacturing process (remove
Special
unwanted minerals) clays, NaCl, MgCl2,
Premium Standard Dust
Standard de-sliming and froth flotation
Portion sent to compaction
n
Sizing and granulation – made into
Crystallization
Compaction Circuit final product
Premium/
Granular
Premium Standard Potassium Rock Sources
Storage
n
Sylvinite is composed of a mixture of KCl
and NaCl crystals, 20 – 40% K 2O
Loadout
(Saskatchewan mines)
Nitrogen Fertilizer n
Sylvite is extracted from Sylvinite and
is composed of primarily KCl, 63% K 2O
Natural Gas
Catalyst
Steam
Reformer
Heat
n
Langebeinite is composed primarily
H 2 gas of K2SO4 and MgSO4, 23% K2O
CO 2
Urea
N 2 gas (air) Purification
Reactor Pressure
N2 H2 Common Potassium
Heat Stripper & Fertilizers
Decomposer/
Compression Rectifier
n
Potassium Chloride (KCl) muriate
N2 H2 Heat Water
Evaporator
of potash (MOP), 0-0-60 to 62
Ammonia Granulation (accounts for 90% of potash sales
Converter Fluidized Bed or
Drum Granulators in North America)
N2 & H2 NH 3 gas, N 2 & H 2
n
Sulphate of Potash-Magnesia
Phosphate Fertilizer (K2SO4 -2MgSO4 ) or K-Mag,
Weak Phosphoric Acid 0-0-22-22S-11 Mg
Phosphate
Phosphate Ore Calcium
(Open Pit Mine) Insolubles
n
Potassium Nitrate (KNO3 ) 13-0-44
Heat Evaporation Water
Vapor often used in foliar sprays
Slimes
Crushing & to Tailings
Water
Washing
Washed &
Crushed Ore Heat Water Ammonia
Concentration Vapor Granulation
Granular MAP
Gypsum (or 16-20)
to Tailings Liquid Sales Storage or
Filtration (SPA) Sales
Liquid
FERTILIZER MATERIALS
Calgary
13131 Lake Fraser Dr. S.E.
Calgary, Alberta
Canada T2J 7E8
NYSE / TSX: NTR
www.nutrien.com