CARLSBAD, N.M. (AP) – A Denver-based company says it plans to suspend production at a potash mining facility in southeastern New Mexico, with hundreds of workers reportedly losing their jobs.
Intrepid Potash Inc. said the West facility in Carlsbad in July will go into what the company called a “care and maintenance mode.”
The announcement said approximately 300 employees “will be impacted by this decision,” while the Carlsbad Current-Argus reports that a company executive said during a phone call with investors Monday that 300 people were laid off.
The company said its West facility has become increasingly less profitable in recent months because of falling prices due to oversupply and foreign competition.
The company on Monday also reported a first-quarter loss of $18.4 million.