Incitec Pivot (ASX:IPL) delay Waggaman plant reopening

Company News

by Rachael Jones

Incitec Pivot (ASX:IPL) has delayed the start of operations at its Waggaman ammonia plant after the plant was brought down by a dry gas seal failure and vibrations in the turbine on the induced draft fan.

Additional investigations into the root causes of both issues have been completed and repairs are currently underway.

The impact due to the further delay in startup in EBIT is expected to be around $36 million (or $28 million on a net profit after tax basis).

The mining services company also manufacturers fertiliser, explosives and a range of industrial chemicals.

Shares in Incitec Pivot (ASX:IPL) are trading 7.5 per cent lower at $2.70.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.