Intrepid 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.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.