USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
Agrium Inc. (TSX, NYSE:AGU) fell by as much as 10% on Wednesday on massive trading volumes, after announcing a big miss for its third-quarter results.
Net earnings fell to $129 million, or 80 cents per share, from $293 million, or $1.85 per share, a year ago.
The weak performance was blamed on a soft market and downtime at its potash operations. Sales for the quarter slipped 6% to $2.96 billion.
The Calgary-based company now expects fourth-quarter earnings of $1.50 to $1.90 per share, well below analysts’ expectations of $2.10.
By early afternoon the miner was trading down 9.8% at $95.84 on the Toronto big board, affording it a market cap of $15.2 billion. The counter is still showing robust 2012 gains – it is up 40% year to date.
Other potash heavyweights Potashcorp of Saskatchewan and Mosaic also retreated in a generally weak market.
