Intrepid Potash Inc. reports that its third-quarter potash volumes dropped 37 percent to 156,000 st from the year-ago 249,000 st. The company cited a general hesitation by dealers to secure product for fall application season due to the pricing uncertainty for potash and delayed harvest in portions of the U.S. Average net realized potash sales prices were also down at $363/st versus the year-ago $444/st.
Third-quarter Intrepid net income sank to $2 million ($0.03 per diluted share) on sales of $70.6 million, down from the year-ago $33.3 million ($0.44 per share) on sales of $129.3 million. Income was reduced by $3 million due to two one-time items, which included a market inventory adjustment and a reserve for previously recorded wage credits.
The Mosaic Co. has announced plans to sell assets in Argentina and Chile. “After significant evaluation and review, Mosaic has decided to pursue a sale of our operations in Argentina and Chile,” the company said in a statement. “We will immediately begin preparations for a sale process and will work quickly to complete a transaction. Mosaic will continue running our business until a sale is completed.”
Mosaic did not elaborate on the extent of its assets, however, the press in Argentina reported that annual sales are over $300 million and that it employs 130 workers. It also produces phosphates at a plant in Rosario, north of Buenos Aires.
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