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December 3, 2012
16:42 EDTIPIIntrepid Potash provides updates on other capital projects
Intrepid Potash's North compaction project is also progressing on schedule. This granulation plant will upgrade and expand the existing North facility and is designed and timed to accommodate production from both the West facility and production from the HB Solar Solution mine project. The budgeted capital investment for this project is $95M to $100M, of which approximately $39M had been invested through October 31. The company expects to bring this project on line in phases beginning in the middle of 2013. Under the Moab cavern-development project, the company has drilled three additional horizontal wells comprised of 14 separate laterals and created a completely new cavern system. Approximately $18M has been invested in this project through October 31 and positive returns are already being seen. The company's overall 2012 capital investment program remains on track with approximately $196M of investment deployed through October 31 all the while maintaining a healthy balance sheet. As of October 31 the company had cash and investments of approximately $142M, with availability of $250M under a revolving credit facility, and the funding of the company's $150M senior notes is scheduled for April 2013.
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16:08 EDTIPIIntrepid Potash sees 2015 potash sales 830K-870K tons
The company said, "Potash sales volume this year is expected to approximate production volume as Intrepid entered 2015 with low inventory levels after the record sales volumes in 2014. The 2015 production and cost outlooks are similar to 2014 levels as a result of reduced solar production from the Wendover facility due to abnormally high precipitation during 2014 that supported below average evaporation rates. Per ton cash operating costs and cost of goods sold for potash are expected to improve in the second half of 2015. This trend incorporates the positive production mix shift to more low cost solar solution tons in the second half of this year including the continued ramp-up of the HB mine. The HB mine remains on track to achieve full production levels in 2016."
16:07 EDTIPIIntrepid Potash reports Q4 EPS 8c, consensus 2c
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