01 March 2010 17:31 [Source: ICIS news]
"North American farmers faced an extremely wet October in the corn growing region, followed by much improved conditions during November, allowing them to apply potash in the fields at more historically normal levels,” Intrepid CEO Bob Jornayvaz said.
Given the fall applications and the robust activity seen thus far in 2010, potash application rates appear to be returning to more typical levels, and Intrepid’s inventories have begun to decline as a result, he added.
Intrepid Potash, which operates mines near Moab, Utah, and Carlsbad, New Mexico, said 2010 sales volumes should rise from 2009, and that it would ramp-up mines and plants to operate at more normal production rates.
The company said its Carlsbad mine was already running 24 hours a day, seven days a week.
For the full-year 2009, Intrepid produced a total of 504,000 tons (457,000 tonnes) of potash. That compared with 836,000 tons produced in 2008.
Colorado-based Intrepid Potash released its fourth-quarter results earlier in the day, showing adjusted net income of $12.3m (€8.98m), compared with $24.3m in the same period of 2008.
During the fourth quarter, the company sold 150,000 tons of potash and 25,000 tons of langbeinite (potassium magnesium sulphite) ore.
"The fourth quarter was characterised by weather-driven demand for potash at market prices, indicating that the North American potash market may be returning to a more historical level of demand," Jornayvaz said.
($1 = €0.73)
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