(Recasts, adds details, share movement)
Sept 15 Intrepid Potash Inc (IPI.N) lowered its
full-year production outlook by about 2 percent citing a
planned downtime and lower-than-expected recovery rates at one
of its mines, sending its shares to their lowest since the
company went public in April.
Shares of the company closed down 12 percent at $32.05
after touching a low of $30.42 in intra-day trade on the New
York Stock Exchange.
The producer of crop nutrients now sees its full-year
production of potash down by 20,000 tons to a range of 850,000
short tons to 870,000 short tons. (One short ton is equal to
0.907 metric tons)
With the move, the forecast for full-year potash production
cost of goods sold rose by $15 to between $155 and $165 per
short ton, Intrepid said in a statement.
The company also expects its net realized price for potash
for the third quarter to be about $620 to $640 per short ton.
The additional three to five days of planned downtime is to
upgrade the electrical systems at its Carlsbad plant, it said.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing
by Gopakumar Warrier)