Intrepid Potash, Inc (IPI) Tuesday reported lower potash production and sales in the fourth quarter, in its preliminary results for the December quarter.
Fourth-quarter Potash production is estimated at 190,000 - 200,000 tons, dropping from 224,000 tons in the year-ago quarter. Production results for the quarter include the seasonal harvest from the Moab, Utah mine.
Intrepid estimates that its average net realized sales price for potash sold during the quarter was approximately $490 - $500 per ton. The net realized sales price last year was $386 per ton.
Potash sales for the quarter are estimated at 175,000 - 185,000 tons, dropping from 216,000 tons in the year-ago quarter. The company said the drop reflected decreased farmer demand for fertilizer in the latter half of the fourth quarter.
Intrepid's cash cost of goods sold for potash for the full year, net of by-product credits, is estimated to be between $190 and $200 per ton, compared to $166 per ton last year.
The company said the higher per ton costs were largely driven by higher per ton costs from its East Mine as maintenance and construction-related activities impacted plant operations.
Trio production in fourth quarter is estimated at 30,000 - 35,000 tons. Intrepid estimates that its average net realized sales price for Trio during the quarter increased to approximately $280 - $290 per ton. Trio is a product produced from langbeinite ore.
Providing a Capital Investment Update, Denver, Colorado-based Intrepid said it invested approximately $135 - $140 million in its capital investment program, including the substantial completion of construction and commencement of commissioning of the Dense Media Separation or DMS of its Langbeinite Recovery Improvement Project, and the installation and commissioning of a new compactor at its Wendover, Utah facility.
Intrepid is scheduled to release fourth quarter and fiscal year end 2011 financial results after market close on Wednesday, February 15.
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