From the company:
Intrepid Potash Announces Second Quarter 2013 Financial Results, Major Capital Projects on Target and Nearing Completion
DENVER; July 31, 2013 - Intrepid Potash Inc. (Intrepid) (NYSE:IPI) today reported financial results for the second quarter of 2013.Recent Operating Highlights
- HB Solar Solution mine on schedule and nearing completion with 15 of 18 ponds filled with brine
- Construction of the HB processing plant is continuing on schedule with production expected to commence before year end
- North compaction plant commissioning process is underway; the first two lines are expected to begin being placed in-service towards the end of the third quarter
- Moab cavern system drilling to create a third cavern system continues on schedule"We are in the home stretch of transforming Intrepid's facilities into much more modernized plants. We are poised to deliver lower cost production as we bring on line our new solution mine, new cavern system, updated West facility, and state-of-the-art compaction capability," said Bob Jornayvaz, Intrepid's Executive Chairman of the Board. "I am excited to be nearing the conclusion of this multi-faceted, multi-year capital investment program, and to begin seeing the benefits from our investments. We are confident that we will enter 2014 with a stronger company as we finish this transition from old to new during the next few quarters."Mr. Jornayvaz continued, "The extraordinary events of the last few days in the potash market only confirm that we have taken the right steps to run and manage our business. Our ability to produce potash at low cash costs at our Moab and Wendover solar solution mines is a distinct advantage for us and it is imperative in an uncertain price environment. Our shift to the left on the cost curve as we replicate the success we've demonstrated at Moab and Wendover and ramp up production in 2014 at our new HB solar solution mine makes us more competitive. Additionally, we have a strong balance sheet and capital structure, and we will see our capital investment program step down significantly into next year. We see the recent news about potash pricing as a further catalyst to cause additional delays or cancellations of other companies' expansion projects."...MORE
Conference call tomorrow at 10 a.m. ET.