Intrepid Announces $50 Increase to Potash Price
February 08 2021 - 4:15PM
Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced the
following increase to its potash price at all
locations.
- Effective February 8, 2021, Intrepid increased its agricultural
pricing for potash by $50 per ton at all locations and on all new
orders. Potash price is now posted at $140 per ton above the 2020
summer-fill value. Orders taken at the previous price level are
expected to be delivered by the end of April.
“Intrepid continues to benefit from great early season demand
for fertilizer as increasing commodity prices, tightening inventory
levels, and strong farm economics are quickly leading to the best
spring season in years.” said Bob Jornayvaz, Intrepid's Executive
Chairman, President, and CEO. “After two years of lackluster
application, farmers are eager to replace nutrients and maximize
yield in this increasingly strong commodity environment. Last week,
we finished booking historic second quarter volumes at the full $40
per ton price increase announced in December and are confident
moving price higher immediately. We expect to achieve this higher
pricing on spot tons in the second quarter.”
About Intrepid:
Intrepid is a diversified mineral company that delivers
potassium, magnesium, sulfur, salt, and water products essential
for customer success in agriculture, animal feed, and the oil and
gas industry. Intrepid is the only U.S. producer of
muriate of potash, which is applied as an essential nutrient for
healthy crop development, utilized in several industrial
applications, and used as an ingredient in animal feed. In
addition, Intrepid produces a specialty fertilizer, Trio®, which
delivers three key nutrients, potassium, magnesium, and sulfate, in
a single particle. Intrepid also provides water, magnesium
chloride, brine, and various oilfield products and
services.Intrepid serves diverse customers in markets where a
logistical advantage exists and is a leader in the use of solar
evaporation for potash production, resulting in lower cost and more
environmentally friendly production. Intrepid's mineral production
comes from three solar solution potash facilities and one
conventional underground Trio® mine.
Intrepid routinely posts important information, including
information about upcoming investor presentations and press
releases, on its website under the Investor Relations tab.
Investors and other interested parties are encouraged to enroll
at intrepidpotash.com, to receive automatic email alerts for
new postings.
Forward-Looking Statements:
This press release includes certain statements concerning
expectations for the future that are forward-looking within the
meaning of the federal securities laws. Forward-looking statements
contain known and unknown risks and uncertainties (many of which
are difficult to predict and beyond management's control) that may
cause Intrepid’s actual results in future periods to differ
materially from anticipated or projected results. Forward-looking
statements in this press release include, among others, statements
regarding Intrepid’s expectations for future potash pricing and its
ability to achieve that price in future spot markets. An extensive
list of specific material risks and uncertainties affecting
Intrepid is contained in its Annual Report on Form 10-K for the
year ended December 31, 2019, and other quarterly and current
reports filed with the Securities and Exchange Commission from time
to time. Any forward-looking statements in this press release are
made as of the date of this press release, and Intrepid undertakes
no obligation to update or revise any forward-looking statements to
reflect new information or events.
Contact: Matt Preston, Vice President of
FinancePhone: 303-996-3048Email:
matt.preston@intrepidpotash.com
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