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INTREPID POTASH 2008 Annual Report Intrepid Potash, Inc

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INTREPID POTASH 2008 Annual Report Intrepid Potash, Inc INTREPID POTASH Unique Products, Unique Properties Intrepid Potash, Inc. 707 Seventeenth Street Suite 4200 Denver, CO 80202 tel: (303) 296-3006 2008 Annual Report 2008 www.intrepidpotash.com 2008 Annual Report Intrepid Potash,Financial Highlights Inc. Intrepid CorporatePotash, Information Inc. Stock Exchange Listing Certifications Common Stock Listed and Traded on: The most recent certifications by our Chief Executive Officer The New York Stock Exchange and Chief Financial Officer, pursuant to Section 302 of the NYSE Symbol – IPI Sarbanes-Oxley Act of 2002, are filed as exhibits to our Form 10-K. Transfer Agent and Registrar for Common Stock Computershare Trust Company Forward-looking Statements 250 Royall Street Any forward-looking statements about the Company’s outlook Canton, MA 02021 and prospects contained in this Annual Report are subject to toll-free: (800) 962-4284 risks and uncertainties, as described in materials filed with tel: (303) 262-0600 the Securities and Exchange Commission from time to time, www.computershare.com including the “Risk Factors” section of our 10-K dated March 6, 2009. Auditors KPMG LLP 707 Seventeenth Street Suite 2700 Denver, CO 80202 Investor Relations Additional information, including an Investor Package may be obtained from: Intrepid Potash, Inc. William I. Kent, Director of Investor Relations 707 Seventeenth Street Suite 4200 Denver, CO 80202 [email protected] or visit our website at www.intrepidpotash.com Table of Contents Intrepid’s Advantages............................................................................ 1 Stockholder Letter.............................................................................. 2 Mine Operations Carlsbad, New Mexico ....................................................................... 4 Moab, Utah................................................................................ 6 Merrill Printing Merrill Wendover, Utah ............................................................................ 8 Printing: Unique Organic Growth Opportunities ............................................................ 10 Operating Locations and Sales of Potash and Trio® in the United States ..................................11 Management & Board of Directors ...............................................................12 Mark Mock Design Design Mock Mark Corporate Information ............................................................ Inside Back Cover Design: Intrepid’s Advantages • Multiple End Users • Essential Nutrient • One of Two Global Producers of Langbeinite • Few Deposits and Fewer Producers • Strategically Located • Diverse Customer Base • Transportation Advantage • Markets Consume Multiples of Production • Strong Cash Position • Capital Available to Execute Growth Plan • Availability Under Line of Credit • Margin Focused • Application of Technology • Debottlenecking and Recovery Improvement • HB Solar Solution Mine • North Mine Net Sales Price Per Ton Production Tons (in thousands) EBITDA (in millions) Capital Investment (in millions) for Potash ($ per ton) Potash Trio® $486 $94 177 197 15 897 156 877 $215 827 836 725 $194 $179 $162 $31 $119 $22 $40 $35 $40 $12 $28 $9 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 INTREPID POTASH, INC. 2008 Annual Report 1 IntrepidStockholder Letter Potash, Inc. Fellow Stockholders project and, accordingly, we have commenced engineering The last year has been remarkable for Intrepid. The and design work related to potentially reopening the completion of our initial public offering of the Company’s North Mine. common stock in April 2008 allowed us to strengthen Finally, we completed the build-out of the management our balance sheet significantly by repaying all of our team needed for growth and to meet the requirements outstanding debt and creating a balance sheet with an associated with being a public company. We significantly initial $53 million of cash on hand to help execute our enhanced our operations and management team at long-term growth and marketing strategies. Our net our Carlsbad facilities which allows us to focus our cash at the end of March 2009 was approximately attention on making improvements to these facilities $100 million. As I will describe more fully, this balance and operating in a more efficient and productive manner. sheet strength is fundamental to our ability to continue Intrepid is a margin-driven company. Our mines are to obtain favorable margins, and we believe focusing on advantageously located near our largest customers. margins is critical for our stockholders. We believe that our strategic locations allow us to realize During 2008, we made significant capital investments higher net sales prices than our competitors who must in our facilities. These investments included drilling ship their products a greater distance to get to consuming new injection and extraction wells in Moab and markets. Annual consumption of potassium products Wendover, improving the structural elements of our in our markets is approximately five times our annual Carlsbad surface facilities, adding underground mining production. This allows us to target sales to the markets machines, upgrading the electrical and underground in which we have the greatest transportation advantage, conveyor systems and, in general, upgrading the maximizing our net sales per ton and, in turn, processing facilities at all our locations through maximizing our margins. equipment and infrastructure improvements. We further believe that the operational improvements We advanced the permitting on the HB Solar Solution we are undertaking at our existing mines, specifically Mine project with the completion of a large amount of debottlenecking and enhanced recovery projects, are technical work and we are working through the process critical to increasing margins. with the BLM to complete the required Environmental Intrepid’s position in the global market is a key asset. Impact Statement. We are the largest producer of potash in the U.S., the We began an engineering and design project for the second largest potash-consuming country in the world. reopening of the North Mine, a facility shut down in As a dedicated potash producer, we believe our financial the early 1980s, which, at that time, was producing performance is subject to less volatility than that of approximately 300,000 – 350,000 tons of potash annually. other fertilizer companies. Historically, potash prices We own the surface facilities, the shafts, the infrastructure, are less volatile than prices for other fertilizers and and the leases for the North Mine. We engaged a professional commodity chemicals. In addition, the costs to mine engineering firm to conduct a fatal flaw analysis of the and produce potash are relatively fixed and stable, project. The firm did not identify any fatal flaws to the whereas the costs to produce other fertilizers have 2 INTREPID POTASH, INC. 2008 Annual Report significantly greater exposure to volatile raw material allows us to retain a strong marketing position as it relates costs such as natural gas used to produce nitrogen and to pricing. We intend to accomplish this by managing phosphate products. production volumes and cash and by adjusting our The long-term fundamentals of the potash industry and capital programs as needed throughout the year. Despite the agriculture industry generally are strong. Virtually our belief in long-term potash fundamentals, we are all of the world’s potash is currently extracted from aware that the near-term potash market may continue approximately twenty commercial deposits. The most to be unpredictable and erratic. recently constructed operating potash mine in the world We need to maintain perspective. 2008 was a remarkable was opened in 1987. There are substantial challenges to year for Intrepid. Not only were we able to re-capitalize adding new potash production because economically the Company and strengthen our balance sheet, we also recoverable potash deposits are generally scarce, located were able to deliver record net income and EBITDA for deep in the earth, and geographically concentrated. To our stockholders. I am encouraged about the long-term complicate matters further, the majority of unexploited fundamentals of the potash industry and I can assure mineralized deposits of potash existing outside of Russia you that Intrepid, backed by our potash-only strategy, and the Canadian province of Saskatchewan are located will remain focused on margins to bring the most value in remote and/or politically challenging regions such to our stockholders. as the Republic of the Congo, Argentina, Ethiopia, and Thailand. Sincerely, In recent years, the growth in global demand for potash has been driven by an ever-increasing world population coupled with limited increases in global supply due to the lack of new mine development. This combination of Robert P. Jornayvaz III events has led to increases in potash mining operating Chairman of the Board and Chief Executive Officer rates. However, we believe the global potash industry has operated at or near the highest achievable production levels for much of the last few years. Finally, it is important to consider when looking at the long-term fundamentals of our industry that farmers continually seek better yields for the crops they plant. Balanced fertilization is key to yield increases. As the amount of arable land decreases while the population increases, increasing crop yields per acre becomes that much more
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