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Bethune mine stoppage to affect K+S results

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World Fertilizer,

According to Reuters, K+S has stated that a stoppage at its new Bethune mine in Canada will affect the company’s earnings for 2Q18.

The outage lasted almost four days and was due to repair works at a defective boiler stack at the Bethune potash processing site. It also added to delays caused by strikes by employees of Canadian Pacific Railway.

Reportedly, K+S has not provided any details on the extent to which the stoppage will affect 2Q18 results. Chief Operating Officer Mark Roberts claimed that K+S still stood by its guidance for a significant increase in full-year earnings and a rise in sales. He added that the company still expects the mine to make a positive contribution to annual EBITDA.

Reuters claims that this latest news has pushed K+S’s shares lower. Only a month ago, Burkhard Lohr, Chief Executive of K+S, spoke to analysts, saying that the group was happy with the development at Bethune.

In addition to this, the company reportedly added that product quality needs to be improved, although production is now continuing well.

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