Intrepid Potash reaffirms production forecast

NEW YORK, June 11 (Reuters) - Intrepid Potash Inc (IPI.N: Quote, Profile, Research, Stock Buzz), which recently went public, on Wednesday reaffirmed its 2008 production outlook, according to a presentation on the company's Web site.

The North American potash producer continues to expect to produce 870,000 to 890,000 short tons of the crop nutrient in 2008.

Shares of the company, which priced at $32, have almost doubled since Intrepid went public in April. Intrepid's shares were up 2.7 percent to $57.40 Wednesday on the New York Stock Exchange.

The huge increase in grain prices, driven by demand from emerging economies and by greater use in ethanol production, has pushed farmers to use more fertilizers, in a bid to boost yields. This has led to huge spike in the price of potash, where supplies are particularly tight.

Intrepid Potash also reaffirmed its 2008 capital investment outlook of $80 million to $95 million. (Reporting by Euan Rocha, editing by Gerald E. McCormick)