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Inptrepid Potash (NYSE:IPI) said its prices were higher but its produdction was lower during its third quarter. The company was also forced to find new customers due to a severe drought in Texas.
Announcing results on Thursday, the company believes that it produced between 165,000 and 175,000 tons of potash and sold between 185,000 and 195,000 tons of potash. Production, which was in-line with expectations, was hampered due to a scheduled shut-down for annual maintenance work at the East mine and plant near Carlsbad, New Mexico. Also, the Moab, Utah mine completed its summer evaporation season and commenced harvest in mid-September.
The company says that lower relative production realized during the quarter will increase the cash costs per ton now and in subsequent periods.
Intrepid estimates its average net realized sales price for potash sold during the quarter was approximately $485 – $495 per ton, an increase of approximately $23 to $33 per ton, over the second quarter of 2011.
Intrepid Potash said sales in Q3 were disrupted in Texas due to severe drought conditions in the state.
“Intrepid was successful in marketing traditional Texas potash volumes into other markets less affected by weather, albeit at higher freight costs,” said the company in a statement.
Potash sales were also affected by shipment delays due to interruptions in rail service caused by high water levels along the Missouri River.
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