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UPDATE 1-Intrepid cuts '08 production outlook; shares fall
September 15, 2008 / 8:42 PM / 9 years ago

UPDATE 1-Intrepid cuts '08 production outlook; shares fall

(Recasts, adds details, share movement)

Sept 15 (Reuters) - 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)

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