Intrepid Benefits from Higher Demand, Prices

Intrepid Potash Inc of Denver, CO has reported a second quarter net income of US$19.5 million on sales of US$67.9 million versus a net loss of US$8.9 million on sales of US$46.5 million in the second quarter of 2020. The company benefited from strong commodity prices and rising potash and Trio langbeinite pricing and demand.

During the latest period, the company sold 92,000 tons of potash at an average realized price of US$319/ton compared with 74,000 tons of potash at an average realized price of US$256/ton in the corresponding period of 2020. Potash production increased from 4,000 tons. to 51,000 tons.

Intrepid produced 63,000 tonnes of langbeinite in the second quarter and sold 75,000 tons compared with 50,000 tons produced and 64,000 tons sold in the same period of 2020. The average realized price increased from US$208/ton to US$271/ton.

Bob Jornayvaz, Intrepid’s CEO, said, “Since announcing another potash and Trio price increase in June, the fertilizer market continued to move up with buyers eager to secure supply in a limited market. We began our HB production season this week and expect to start our Utah solar solution mining facilities in early September. We are well positioned to supply our customers when the fall season begins and have already received strong buyer interest in new orders for fourth quarter delivery.”

Volume 35, Issue 16

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